BTCUSD: Testing the first major Support. Can go lower.

Bitcoin is dropping rather sharply after the 1D Golden Cross formation on Monday turning the 1D RSI neutral for the first time in more than 1 month (RSI = 45.936, MACD = 661.500, ADX = 29.791). In the process, it reached S1, which is a wide Support Zone. In our view, it has greater probabilities of making contact with the 1D MA50 before rebounding, so until this reaches the S1, Bitcoin may take some time sideways inside the Zone.

A crossing under the 1D MA50 (candle closing) targets S2, most likely the final Support of this correction as we have to also consider the HL trendline of the November 21st bottom as a buy level. In terms of RSI, the most efficient level to buy would be the Oversold Zone, below the 30.000 level.


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