Seeing price rejected at the $48.2k level and what looks to be a bearish flag forming could see BTC break downward towards $31.7k. This would complete a lower low of its WXYXZ correction and set the stage for price appreciation.
Comment:
A bounce off the bottom of the channel structure. A break below the channel from here, under $38k, brings into focus the 0.618 retracement level at $31.6k as a possible bottom, with $27k below that at the 0.786 level. Will need to monitor the structure of such a decline to assess if we have seen a final capitulation event or not.
