The Daily Chart
Considering the current macro sentiment, it may be too early to call the current area the bottom, as price action could easily be a mid-downtrend consolidation before another leg to the downside. Assuming a more favorable scenario, the price could also bounce from where it currently trades. If that plays out, the two significant challenges would be the $37-$40K supply zone alongside the bearish crossover of the 50-day and 100-day moving averages. On the other hand, if $30K fails, the $24K area could be the next potential bearish target.
Considering the current macro sentiment, it may be too early to call the current area the bottom, as price action could easily be a mid-downtrend consolidation before another leg to the downside. Assuming a more favorable scenario, the price could also bounce from where it currently trades. If that plays out, the two significant challenges would be the $37-$40K supply zone alongside the bearish crossover of the 50-day and 100-day moving averages. On the other hand, if $30K fails, the $24K area could be the next potential bearish target.