The price has been trading within a 1D Channel Down ( MACD = -610.000, Highs/Lows = -810.9370, BBP = -1440.5580) since the massive selling started at 6,300. With the RSI oversold (16.394), the Lower Lows appear to be following a specific pattern. Assuming this will repeat the sequence, the next target is around 2,800.
This comes to confirm the estimated bottom that we calculated some time ago (for reference see: https://www.tradingview.com/chart/BTCUSD/zK7bM01i-Bitcoin-Is-this-the-bottom/) based on the similarities with the 2014/ 2015 bearish cycle. However, since we have timed the bottom near the end of January, it is possible to see a rebound towards the Sell zone (4,760 – 5,200) and sideways action between that belt and the 3,330 – 3,500 until the final leg near 2,800.
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