On a 1D Chart, we can see how the bearish trend has started on the 14th of November, once the price has crossed the 20 days Moving Average and it continued to move aggressively downwards since then, registering a movement of 2846$ or -43.74% by now.
Today, the price has reached the maximum of 4212$ and it has created a Resistance at this level, but there are several reasons to believe that the drop in price will continue even if it will not be that aggressive as it was in the last days.
We already have the RSI on an "oversold" position for a while and the Stochastic which is showing multiple "intraday" price changes and we might be tempted to say that the price will bounce back anytime soon, but based on a more advanced reading and considering the MACD as well, we can see that the latter's Moving Average is still below the Signal which means that there is still more room for the price to go even lower.
The trading volumes seem to be decreasing and without any fundamentals we should not expect "dramatic" changes, at least for the short term.
As a possible targets, we can consider the first Support Level of 3740$ or the second one of 3439$, in extension.
Today, the price has reached the maximum of 4212$ and it has created a Resistance at this level, but there are several reasons to believe that the drop in price will continue even if it will not be that aggressive as it was in the last days.
We already have the RSI on an "oversold" position for a while and the Stochastic which is showing multiple "intraday" price changes and we might be tempted to say that the price will bounce back anytime soon, but based on a more advanced reading and considering the MACD as well, we can see that the latter's Moving Average is still below the Signal which means that there is still more room for the price to go even lower.
The trading volumes seem to be decreasing and without any fundamentals we should not expect "dramatic" changes, at least for the short term.
As a possible targets, we can consider the first Support Level of 3740$ or the second one of 3439$, in extension.
