Switching to the line chart here as there is too much noise in the price action recently. This is the 4-hour timeframe where we see a clearly defined downtrend channel.
Now, taking into consideration we are still overall bullish and this is just a simple correction along the way, I can see 2 possible points of a reversal here.
First: The current level around $47,300-$47,500, which is our previous low and also a zone with the highest volume activity. This is a good place for bulls to step in. Second: The area around $45,500, which is more or less where the 200-day EMA meets the middle line of the downtrend channel and the weekly open. One step down is the huge demand zone we rebounded from couple of days ago.
Best Regards
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Ok, so looks like we rebounded from the first target area. Let's see how this evolvs