So far, Bitcoin's correction has gone for a massive 50.7% and we are getting closer to find a bottom.
The RSI is at its lowest level since March 2020, almost two long years.
We are at 20.38 on the daily RSI signaling that the market is oversold.
We are looking at two main scenarios as the chart stands now.
Prices for BTCUSD have gone below the 0.786 Fib. retracement level for the last bullish wave, the one that started in July 2021. The bulls are not yet jumping in but this will change really fast.
We can get a bounce or one final drop before we print long-term sustained growth.