So far we can clearly see that 18 DMA (green line) was broken. While the price was going down from 42K to 31K before, 50 DMA (orange line) has played a support role and another bull cycle started after the price touched that line.
Now, there are two possibilities:
1- Price will keep going down till touching 50 DMA and we will see strong support around that line. (let's pray for this for continuing bull market in short/mid term)
2- Price will keep going down till touching 50 DMA and will make sideway for a couple of days around 50 DMA line (41K). After that sideway, we will see another downward leg towards 32K (around 0.5 fib or 100 DMA)
Now, there are two possibilities:
1- Price will keep going down till touching 50 DMA and we will see strong support around that line. (let's pray for this for continuing bull market in short/mid term)
2- Price will keep going down till touching 50 DMA and will make sideway for a couple of days around 50 DMA line (41K). After that sideway, we will see another downward leg towards 32K (around 0.5 fib or 100 DMA)