Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
⋅
$3,400 is the place where a bounce is a must to prevent further carnage. There is confluence between the bounce area and the daily RSI. Aside from the mid-December drama, the RSI support line was respected throughout the 2018.
It is possible that the same line will mark the new sideways support in 2019, thus probably meaning that the bottom is more or less in. In other words, the $3,400 – $3,500 area is a pretty sweet spot for a long. However, in case RSI breaks below level 35, new lows and a even more thorough purging of the altcoin market are to be expected.