BTCUSD is heading for the 5.5 - 5K level.Hi guys! let me share my idea about BTC. It's my personal opinion, I'm not telling anyone to buy or sell bitcoin.
As you can see on the mid-term we are going bearish. The price failed to break the 0.786 fibonacci level which is around 9k and bounced back. What makes it more important is that, at the 9k level we didn't just bounce back from the fibonacci level but also from the mid-term trendline.
We can also see a possible elliot wave where the 5th wave is about to play out. I except the bottom of the 5th wave to be around 5.5k or even lower at 5k.
Why 5.5k? This level is a key support from the middle of november, where the price went up to 8k and then fell back to 5.5k.
Why 5k? Going even lower is also realistic since the 5k level is a strong psychological level.
The price also broke the bullish trendline which was a key support level then testeted from below and it behaved as a new resistance level.
As you can see the STOCH RSI is about to bend and cross eachother which would also confirm my idea.
On the RSI we are not oversold yet. When we hit the 6k level we went a little oversold, but not significantly. If we hit the 5.5 - 5k level it will surely be oversold and I assume a huge buying power at that level.
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