rthomson
Long

Oversold BTCUSDT

BINANCE:BTCUSDT   Bitcoin / Tether
The current price is digging deep into the Bollinger Bands and last time it did that it signaled a wave upwards, and this time its far outside its Keltner Channels . The lowest it can go is 7000 which would be the outer range of the Bands, but this mornings algo dip struggled to find sellers to take it down as far as it aimed which was 7500, hence bouncing back up, which signals that the Bears are running out of steam and that it is now oversold. What do you think?
Thanks for idea. Your argument seems to have technical merit and I do hope you are correct. Fundamentally I think BTC biggest problem was the transaction cost blow out experienced at high levels and I think this will limit its upside from here. I do wish that the more established altcoins that don't have these scaling issues would decouple from the performance of BTC and appreciate on their own merits independent of the movements of BTC. Perhaps one day. Best of luck to all crypto holders.
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