BTC should reach the price range of 40,600 to 43,000 and then making decision would be easier.
This is a strong support area for BTC
If the downtrend in the RSI is broken, we can be optimistic that the monthly candle will be closing by the next week. The price will reach above 53,000 and the downtrend will end.
However public sentiment towards BTC is in the intense fear range, you can expect that the price would stay on the bottom of the price area for a long time.
While the price is upper than the level 47000, the correction wave in descending trend could be possible to the lower high at the level of 49000.
This is a strong support area for BTC
If the downtrend in the RSI is broken, we can be optimistic that the monthly candle will be closing by the next week. The price will reach above 53,000 and the downtrend will end.
However public sentiment towards BTC is in the intense fear range, you can expect that the price would stay on the bottom of the price area for a long time.
While the price is upper than the level 47000, the correction wave in descending trend could be possible to the lower high at the level of 49000.