On the , we were getting into overbought territory. However, we are now all the way back in neutral territory. The is beginning to turn to the downside too, but has not yet produced a crossover. So yes, today's price action may be scary, but I'm not too concerned from a standpoint. As long as the 50 and the triangle hold as support, I believe this could simply be the market testing former critical resistance (50 ) for new support. If we get that support, that would actually be very , and the top of the will still be the target.
On the other hand, if those levels are lost, I will probably be forced to swallow my pride and chalk up a loss for the trolls to rage about. They say it's wise to never feed them, but I've always loved to watch the dogs eat. Anyway, if price falls below the triangle, and particularly the December low, I suppose we would then be looking at a different technical picture. With that said, those developments are currently nonexistent. So, the only thing we can see, is that BTC has jerked back to test the 50 for support, and it is currently holding. In summary, I wouldn't write off the bull just yet. In my eyes, I still see a lot of technical evidence to support the argument that the bottom is in. That evidence would be further confirmed, if the 50 holds as support.
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