Bitcoin formed a new trend low at $3,160. Bear volume is increasing, and we see bear volumes have been dominating the charts lately.
On the 4-hr, we're dipping into oversold RSI conditions. Of course, we are still oversold on the daily and weekly as well. Weekly RSI is now in the 28's.
After hitting the low, all levels were indicating oversold, meaning a bit of consolidation was slightly predictable. There's been no solid bounce attempt though thus far, and we're seeing consolidation continue. Once consolidation completes on the shorter scale, we will head down again and test a low at $3,000.
Weekly volumes for all cryptos have been slowing down. To me, this means that we're likely to see a bit of slowing action and a bit of stabilization without much trading volume. Could this happen at $3,000? Maybe. $3,000 definitely seems like a reasonable target.
For now, I'm still staying away and remaining all in cash.
