this is just sideways chop in a range, and the bottom of the range is always scary.
I continue to believe that a lot of sideways is the most likely path as we approach the halving and see it pass like a nothing burger in the rearview mirror. I can always be wrong.
It is very important to note - RSI still has not come CLOSE to oversold on the Bitcoin daily chart, while it has on some altcoins. It will eventually get there - it always does. But that can take a long time and can happen with sideways chop as well.
I continue to believe that a lot of sideways is the most likely path as we approach the halving and see it pass like a nothing burger in the rearview mirror. I can always be wrong.
It is very important to note - RSI still has not come CLOSE to oversold on the Bitcoin daily chart, while it has on some altcoins. It will eventually get there - it always does. But that can take a long time and can happen with sideways chop as well.
scott.melker@texaswestcapital.com