BTC is oversold. We are going to see BOUNCE BACK soon!!!
Hello Everyone,
I was trying to make an analysis for possible bounce from last 1 week but was not able to get any glimpse on it. But, Today, after 1D candle closing, i see something which is saying few things.
*We are experiencing strong drop over the last few weeks. We can clearly see Bitcoin is now oversold levels. Daily and as well as in Weekly. we are looking at such low value of RSI after very long time.
*RSI value in 1W chart is 12.56. (Just check the chart to see RSI value. When was this number last seen?)
*As we can see on the chart that Bitcoin is trying to make support by sideways consolidation pattern in 4H and 1H timeframe. In 1D and 1W, BTC is oversold. We may see a little pump soon. But, aware!!! we are not out of bear market. I am expecting more downwards trend in upcoming days and we may touch the level of 16K.
*This is a short analysis for BTC which is showing a smart bounce very soon. Also, today is Saturday and we are closing 1W candle soon which is testing 250MA support. so bounce is expected.
Kindly manage your risk accordingly and never forget to put stop-loss while trading. Its really important in such bear market. HAPPY TRADING!!!
Please follow, like and share your ideas for improvement in our community.
I was trying to make an analysis for possible bounce from last 1 week but was not able to get any glimpse on it. But, Today, after 1D candle closing, i see something which is saying few things.
*We are experiencing strong drop over the last few weeks. We can clearly see Bitcoin is now oversold levels. Daily and as well as in Weekly. we are looking at such low value of RSI after very long time.
*RSI value in 1W chart is 12.56. (Just check the chart to see RSI value. When was this number last seen?)
*As we can see on the chart that Bitcoin is trying to make support by sideways consolidation pattern in 4H and 1H timeframe. In 1D and 1W, BTC is oversold. We may see a little pump soon. But, aware!!! we are not out of bear market. I am expecting more downwards trend in upcoming days and we may touch the level of 16K.
*This is a short analysis for BTC which is showing a smart bounce very soon. Also, today is Saturday and we are closing 1W candle soon which is testing 250MA support. so bounce is expected.
Kindly manage your risk accordingly and never forget to put stop-loss while trading. Its really important in such bear market. HAPPY TRADING!!!
Please follow, like and share your ideas for improvement in our community.