💱BTC - Potential recovery -- positive and negative aspects

The previous support zone was lost, and the move is now slowing down as the price has reached ~38k support zone (blue). There's a potential for some recovery towards 41k zone.

Positive aspects:

- The price is in a falling wedge formation which is getting very tight
- The price reached support zone (blue)
- Today's dip is where "1" trend-based fib time extension is
- MFI bullish divergence
- MACD forming an uptrend

Negative:

- Head & shoulders formation is now confirmed as the price broke below its baseline
- The price drop was supported by volume
- Multi-timeframe stochastic shows the momentum is high (not favorable for potential bottom)

Yorum:

** the stochastic is multi-length, not multi-timeframe, excuse me 😀