(Sorry for no posts the last few days, I was waiting for BTC to make the 30k zone as we were just in no man's land)
Taking a quick look at the relative strength index you can see here we have some classic bullish divergence which is a good sign for a reversal + we are in the 30k support area.
Also, the intensity of this drop from the 15th is showing me signs of unsustainability, just because we haven't really had a solid, healthy pullback yet and the price is down -25%.
I feel a short/medium term pullback of roughly +10%/+15% would make sense now we are at the 30k support level, but, I do believe we are in for more downside It's just highly unlikely to continue like we are now without some sort of decent pullback.
The bears will need this to carry on with the blood bath as a solid reversal will give more people the opportunity they are looking for to sell their crypto as fears of a medium/long term bear market grow + we had those fears of Grayscale/institutions unloading so we are just in a horrible cocktail of bearishness right now.
For now, let's keep an eye on this divergence and see how we react to this 30k area.