Hello dear traders!
Bitcoin has been trading near the crucial level of $20K during this week. Though it has been trading a little above it mostly, there have been a couple of wicks below it as well. We already have seen the hidden bullish divergence on the 1W timeframe. RSI is oversold but it is turning upwards now. There is a good chance that it can bottom out here.
However, a decisive break below $20K can drop it hard to $12K indicated by the FIB extension and complete the target of Bearish flag breakdown on 1W TF.
Bitcoin has been trading near the crucial level of $20K during this week. Though it has been trading a little above it mostly, there have been a couple of wicks below it as well. We already have seen the hidden bullish divergence on the 1W timeframe. RSI is oversold but it is turning upwards now. There is a good chance that it can bottom out here.
However, a decisive break below $20K can drop it hard to $12K indicated by the FIB extension and complete the target of Bearish flag breakdown on 1W TF.