Hello traders,

Here's an update on BTC in 8-hour timeframe.

After reaching a high of $66.5k, BTC saw a 10% rejection. Currently, it is trading below the 100 EMA, and unless BTC breaks and closes above the 100 EMA, the bearish trend will likely continue.

It will be interesting to see whether BTC makes a comeback or rejects further down to $54k.

The RSI is nearing the oversold zone, which could signal a rebound, but let’s remain cautious. As seen in the chart, the RSI was previously near the oversold zone, leading to a rebound, but it eventually dropped by 14%.

The only way this drop will be invalidated is if BTC breaks above the 100 EMA. Let’s hope for the best and stay cautious.

Not financial advice.

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