The past week has been pretty brutal, but due to a few indicators we are at a major support point. We have to look at the chart from far out and in a simple format to see this.
First, we have a golden ratio tag of 1.618 from the 20k high to 10k dump giving us our structure location.
Second, we have capitulation in the amount we haven't seen since January. This is most likely a sign that many retail investors sold out their coins near $4000-4600 just as they did when BTC hit 20k and plummeted to 10k on coinbase. When sell is 90% of the daily we can predict this is most likely a major stopping point and a reversal will take place. The low may not be in as there could be divergences, but it's definitely a great place to load up for the bounce on alts and BTC .
Third, We have signaling oversold with a value of 9! 9 folks. That's the lowest it's ever been on coinbase or any exchange from what I've seen for that matter. We cannot use only to signal a bottom, but with the other two points it is showing that taking a long position is a safe bet.
Long BTC at $4500
Target 2: $5550
Risk/Reward is low here, but this is mostly a signal to play alts right now for the bounce.
If you are looking for more information on good opportunities in the crypto market please reach out as I run a small tight knit community sharing trading opportunities (Surge Trading). I cover all alts on binance and BTC .
Thanks for looking.