Right now the weekly chart seems to be the most important thing to watch for when this bearish momentum will stall out.
If we look at the RSI there are two very important trendlines to watch (green and red). The green is currently the most important and has market BTC's RSI low since June of 2022. The red trendline will come into play in the future.
We also have a horizontal orange level and yellow level. The orange level represented an important area of support that was recently broken thus leading to downside price action (green + red arrows). The yellow dotted line around the 58.70 level will be very key to see our weekly RSI hold above. This is what should give us the signal that momentum is about to switch back to the upside.
The green trendline or yellow line intersect around end of may start of june which should give us a good time period to watch for on the weekly chart.
Will update this post again as time progresses.
If we look at the RSI there are two very important trendlines to watch (green and red). The green is currently the most important and has market BTC's RSI low since June of 2022. The red trendline will come into play in the future.
We also have a horizontal orange level and yellow level. The orange level represented an important area of support that was recently broken thus leading to downside price action (green + red arrows). The yellow dotted line around the 58.70 level will be very key to see our weekly RSI hold above. This is what should give us the signal that momentum is about to switch back to the upside.
The green trendline or yellow line intersect around end of may start of june which should give us a good time period to watch for on the weekly chart.
Will update this post again as time progresses.