Since the bitcoin fall the lowest it dropped for correction was around 42800 and after whole week of consolidation then the lowest it fell again was at 43500.
The highest it went during consolidation is around 47400. Today the price is reaching again towards 47300. At the moment our main resistance is at 47400 and support at 42800. What we looking for is a big break on either our support or resistance... looking at rsi and macd showing bearish momentum in day time frame but bullish in 4hr timeframe so its possible the bearish momentum could end in day timeframe and we can expect a reversal. If reversal occurs we can see the major trendline with support level of 53000 can break.
The other possibility can occur if the bearish market continue and break the 42800 we would likely see another consolidating or price hovering around 41000
The highest it went during consolidation is around 47400. Today the price is reaching again towards 47300. At the moment our main resistance is at 47400 and support at 42800. What we looking for is a big break on either our support or resistance... looking at rsi and macd showing bearish momentum in day time frame but bullish in 4hr timeframe so its possible the bearish momentum could end in day timeframe and we can expect a reversal. If reversal occurs we can see the major trendline with support level of 53000 can break.
The other possibility can occur if the bearish market continue and break the 42800 we would likely see another consolidating or price hovering around 41000