- Diagonal Resistance has been confirmed by a 3 touch trend line
- Diagonal Support line confirmed by 3 touches
- RSI levels are oversold
- Volume overall is lower than previous months
BTC is moving towards a crucial support line which intersects with the support zone box i have drawn in light blue
With the RSI indicating that BTC has been oversold and the general lack of volume in these markets i would expect downward price action to cease.
In an ideal scenario based of the chart i have analysed i would expect BTC to play on the support line for a short while and stabilize its price into the early weeks of june before we can expect a price reversal.
If the price does reverse it does not mean we are in a bull trend by any means. There are still key levels of resistance we need to break and sustain price action above before we can begin to bet on the general market trend changing
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Bolinger Bands also seem to look like they are going to be narrowing after a this period of volatility so this gives me more reason to believe we are going to enter a small phase of price stablisation