Probable price reduction to the range of USD 7,000 exists
To be able to consider the uptrend for Bitcoin, the price requires to cross the range of USD 12050, but at the moment it does not happen yet, and the RSI does not show enough strength to be able to do so.
In the 240-minute chart, also by examining the details of the waves, there is a scenario that the second wave is in the form of Double Zigzag, in which the ascending trend case, which is in the range of USD 11,720 has terminated with 3 waves, which was the X wave. By crossing down to the range of USD 11172(the main confirmation for the price crossing the trend line has been drawn), descending targets of the price could be extended to the range of USD 7100.
In the 240-minute chart, also by examining the details of the waves, there is a scenario that the second wave is in the form of Double Zigzag, in which the ascending trend case, which is in the range of USD 11,720 has terminated with 3 waves, which was the X wave. By crossing down to the range of USD 11172(the main confirmation for the price crossing the trend line has been drawn), descending targets of the price could be extended to the range of USD 7100.