Significant area around here so its been a good call, think I have the low or support likely to be 52k. Its not impossible we put in the low with the recent pricing, its back above the 12hr average but my guess the test and confirmation of support must come next week with full volume. Watch
54.5k but I think its just a trading game for the weekend.
The way I would frame it overall, we are half way between the peak and July lows and which way the market goes is not yet clear but this area is a good point to label a hurdle in resistance/support.
Now that price has found support at the 0.618 on the shorter-term time-frames, I've gone for a high leveraged (10x) long position with tight stop loss
It's rarely what I do, but rarely do I see such a good risk/reward opportunity, even if price only makes it back to $56-$57K before going lower again...
I don't doubt price could re-test $50K, or even lower to the $46K level where the 200 Day MA & volume support lies, but in the short-term expecting a dead cat bounce at minimum before futher downside.