The chart shows the levels to which the BTC price may drop in the coming days/weeks.
Currently, we can see that the price is based on the support at the 0.382fib level at the price of $60,000. I further identified a strong support zone from $55,000 to $52,000, which is between 0.382fib and 0.618fib, taking into account two fib retracement grids and trend-based fib extension.
The third place is the second very strong zone from $43,487 to $38,591, located between the 0.618fib and 1fib levels of the previously mentioned fib grids.
When we look at the RSI indicator, we will see a break at the bottom from the trend line, under which there is room to continue the downward trend. However, the STOCH indicator shows a descent below the lower limit, which previously resulted in a change of movement path, which in this case may return the price to the upward trend.
Currently, the correction level reaches 18%, which is a relatively small decrease compared to the earlier stages of the growth market. However, here I do not expect a descent below the first support zone, at which the correction would be around 30%.
Currently, we can see that the price is based on the support at the 0.382fib level at the price of $60,000. I further identified a strong support zone from $55,000 to $52,000, which is between 0.382fib and 0.618fib, taking into account two fib retracement grids and trend-based fib extension.
The third place is the second very strong zone from $43,487 to $38,591, located between the 0.618fib and 1fib levels of the previously mentioned fib grids.
When we look at the RSI indicator, we will see a break at the bottom from the trend line, under which there is room to continue the downward trend. However, the STOCH indicator shows a descent below the lower limit, which previously resulted in a change of movement path, which in this case may return the price to the upward trend.
Currently, the correction level reaches 18%, which is a relatively small decrease compared to the earlier stages of the growth market. However, here I do not expect a descent below the first support zone, at which the correction would be around 30%.