BTC is heading towards oversold RSI and based on BTC price/RSI history, a 81-193% price increase was what we usually saw a month later.
Will history repeat itself?
The past few weeks, w saw alts experience tremendous gains while BTC was consolidating and losing some steam along with market dominance (Went down from 69% to 35%)
We have 3 scenarios here:
SCENARIO A) The alts bull cycle might be over, and BTC could accumulate all this new money to get back to ~60% dominance again.
SCENARIO B) BTC could continue to crash till $8,000-$5400 and crash the whole market even more.
SCENARIO C) BTC could consolidate around the 10k-11k zone for a while.
My vote goes to SCENARIO A (But I am still bullish on many alts)
Good luck to all! Let me know your thoughts in the comments.
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BTC broke $9652 support! Next support level $8000.
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The $9000 support held up well. Is BTC taking a turn up? We will know pretty soon.
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BTC needed that deep correction for a while now and I consider this totally healthy for the overall continuation of BTC. BTC grew parabolically in value in the past couple of months and such correction was imminent to happen.
If the price reverts at $9000 then that will be a double bottom and BTC will continue its bullish rally from there.
Be Strong, HODL thru these tough times! RSI is heading towards oversold and MACD is nearing a bullish cross on the daily timeframe.
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Bullish MACD cross incoming! I expect BTC to pump within the next 2-5 days.
Our green projection channel is holding up well :)
what do you think ???