$BTC
Likely scenario (bounce then drop): Due to the bearish saturation on the RSI indicator, we might see a corrective bounce upwards to test nearby resistance levels at 65,500 (MA7 average) or around 66,000.
Conditions to hit the target (60,000): If the price fails to break above the 65,500 level and hold there, it will drop back immediately. A break below the last low at 61,344.80 will be the actual and final confirmation that the price is heading straight for a break below 60,000 and down to the next support zones (which could extend to levels of 58,000 - 57,500).
In short: the overall trend on the 8-hour chart supports a downtrend entirely, and the current bounce is just a temporary correction that doesn't indicate a change in trend unless the mentioned resistance levels are broken.
Likely scenario (bounce then drop): Due to the bearish saturation on the RSI indicator, we might see a corrective bounce upwards to test nearby resistance levels at 65,500 (MA7 average) or around 66,000.
Conditions to hit the target (60,000): If the price fails to break above the 65,500 level and hold there, it will drop back immediately. A break below the last low at 61,344.80 will be the actual and final confirmation that the price is heading straight for a break below 60,000 and down to the next support zones (which could extend to levels of 58,000 - 57,500).
In short: the overall trend on the 8-hour chart supports a downtrend entirely, and the current bounce is just a temporary correction that doesn't indicate a change in trend unless the mentioned resistance levels are broken.