It wouldn't surprise me to see a reversal here to the upside. Especially with the first wave target retracement met exactly and the strong divergence on the STOCH RSI.
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Yes the 8 hour chart does seem to indicate a continuation to the downside. Perhaps it could seek the support of the 50 MA here...
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We got the support we were looking for on the 50 MA of this 8 hour chart. BTCUSD 3.57% has been consistently targeting the 50 on this chart as you can see.
Stochastic RSI and BB%B indicators both with suggested upside ahead too.
A rally here towards the 200 MA could potentially lead to a breakout of the downward trend line and a golden crossover (50 moving up through the 200) here could be the catalyst needed to confirm the reversal. If we see the crossover and the breakout we may never see sub 10000 prices again. Just a thought.
Stochastic RSI and BB%B indicators both with suggested upside ahead too.
A rally here towards the 200 MA could potentially lead to a breakout of the downward trend line and a golden crossover (50 moving up through the 200) here could be the catalyst needed to confirm the reversal. If we see the crossover and the breakout we may never see sub 10000 prices again. Just a thought.
Also, you can see the MacD on the three day chart does look interesting with a potential crossover. Other indicators are somewhat positive too.