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Will we see a 47k Bitcoin?

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Here's a quick look at BTC 4 hr chart. As we can see, the price broke down from the rising channel and went all the way down to 53k where we found some support and bounced. Then the price formed a new ascending triangle, and has now broken down from it. The price went down to 50.400$ and found some support and bounced back into the new falling channel. 50k level has to be held otherwise we are heading down to 45-47k zone where we might find some heavy support.

The RSI is almost oversold, and last time the RSI was oversold, we ‎saw a bounce.

One thing to keep in mind is that Bitcoin is very correlated to the big stocks, hence if the stocks are down, we should then expect a pullback from bitcoin . however the fear in the market is growing, and we should be cautious trading right now.

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BTC dictates the market. If BTC falls, then Alts will fall as well. BTC needs to get stable before alts can run. Trade safe!

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