BTC.D Oversold Bounce? | Alt Coin Pull Back? Firstly Happy Valentine’s Day and welcome to another Crypto Update!
Today we will look into the BTC.D chart to identify where the greater market is headed. The BTC.D is likely to experience an oversold bounce which may lead to a probable pull back in the current ALT season.
Points to consider,
- BTC.D broke key support line
- All key moving averages broken
- Testing local support
- RSI in oversold conditions
- Stochastics trading in lower regions
- Volume spiking
The dominance showed a lot of weakness when the key trend line was broken, this initiated the overall Alt season. All key moving averages where broken at the same time, which puts more emphasis on the bearish projection.
Current support being tested is a critical area; a bounce here is probable to cool of all technical indicators.
Currently the RSI is in oversold conditions, historically this leads to an oversold bounce back into neutral territory. The stochastics is trading in the lower regions, can stay here for an extended period of time, however lots of stored momentum to the upside.
Volume is clearly spiking, confirming a true breakout of a key trade location. A break of this current support will continue with bear momentum.
Overall, in my opinion, a bounce is highly probable from such oversold conditions. The BTC.D is testing critical support, if this does not hold, then expect a prolonged Alt season.
What are your thoughts?
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And remember,
“In order to succeed, you first have to be willing to experience failure.”
― Yvan Byeajee,
