Another indicator that we may see further drops is the is now diminishing, and with the previous divergence signaling the trend reversal, we could see the showing an oversold indication around the $9,000 mark, corroborating the . If BTC continues down through the $9,000 mark with strong selling pressure, I think we will see the rebound around the $8,200 point, but not likely to go all the way down to the 200-day MA, which would be near $6,400. I have plotted the 200-day MA on this chart for reference, adjusted for the 4-hour chart.
DISCLAIMER: I am not a professional trader, and as such, this chart should not be considered financial advice. Please do your own research on this topic, and do not take my statements as fact at face value. Any action you take from my opinion is your own choice, and you understand you cannot hold me liable for any losses you may incur. Please trade responsibly.
If anyone is interested in the use of ProfitTrailer, please see my YouTube channel at https://www.youtube.com/c/RFRadio. Happy Trading!