The fib retracement is in a major support/consolidation zone. The wedge structure is similar to the May 2021-June 2021 wedge within which we saw a fake breakout, a bounce off of a sharper trendline, a RSI reversal, and it appears to be at a bottom with a long legged Doji on the daily suggesting a reversal. This could just be total nonsense or a reasonable analysis.
The fib retracement assumes this is the bottom.
The sharper trendline within the larger wedge assumes a false breakout.
The RSI is just very oversold on the daily, and we have seen considerable bounces at least historically when this occurs.
The long legged Doji on the daily is controversial and is not accepted as a reasonable indicator by all. However, it does have a high volume with it touching support.
The fib retracement assumes this is the bottom.
The sharper trendline within the larger wedge assumes a false breakout.
The RSI is just very oversold on the daily, and we have seen considerable bounces at least historically when this occurs.
The long legged Doji on the daily is controversial and is not accepted as a reasonable indicator by all. However, it does have a high volume with it touching support.
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I'd wait for another consolidation phase around 27-29k. There is a failure in this thesis and the trend suggests a collapse to a maximum low of 18-19k. The analysis suggested a reversal but the reversal was denied when 37k was broken.