It is nice to see Bitcoin flirting around the $30,000 support zone. This to me in a macro perspective is very healthy for Bitcoin as it indicates that this market is becoming more resilient. The more we trade through that zone the stronger the support becomes. We broke out of the symmetrical triangle, briefly traded at $28,800 and now we're back in the $32,000 range.
We are still oversold on weekly and monthly on the Relative Strength Index (RSI) for Bitcoin. When price reaches these extreme levels, a reversal is always possible so always bear that in mind and be cautious.
In a worse case scenario we go down to $20,000. But you also have digital asset managers such as Grayscale Investments heavily accumulating Bitcoin at these current prices so it's difficult to tell. However, The overall trend is still positive for Bitcoin.
Cheers Everybody. Much Peace and Love.
We are still oversold on weekly and monthly on the Relative Strength Index (RSI) for Bitcoin. When price reaches these extreme levels, a reversal is always possible so always bear that in mind and be cautious.
In a worse case scenario we go down to $20,000. But you also have digital asset managers such as Grayscale Investments heavily accumulating Bitcoin at these current prices so it's difficult to tell. However, The overall trend is still positive for Bitcoin.
Cheers Everybody. Much Peace and Love.
decrypt.co/55011/gra...-bitcoin-in-one-week