RSI is already down to 31.8, and oddly, I’m not as nervous anymore. $BTC is at 74,444.5, barely moving in the past 24 hours, up just 0.02%. But over the last 14 days, it’s slid all the way down from 84,377.2, and it’s now just a step away from the 14-day low of 73,510.0.
In plain English: an RSI at this level means the drop has been sharp and relentless. It’s definitely oversold in the short term, but being oversold doesn’t mean the decline is over. There’s not much of a cushion below 73,510.0—if it slips through, that’ll be a new low. Anyone holding right now is probably feeling uneasy: sell, and you risk selling at the bottom; hold, and you worry there’s still more downside.
I could be wrong, but I think making a move before 73,510.0 gives us a signal is just a guess. I’ll own it if I’m wrong. 73,510.0 is the key level: if it holds, I’ll change my mind right away and admit a rebound is possible; if it breaks, it breaks—the trend is still down.
With it this oversold, do you believe in a rebound, or do you trust the trend?
$BTC
#BTC #MarketAnalysis
In plain English: an RSI at this level means the drop has been sharp and relentless. It’s definitely oversold in the short term, but being oversold doesn’t mean the decline is over. There’s not much of a cushion below 73,510.0—if it slips through, that’ll be a new low. Anyone holding right now is probably feeling uneasy: sell, and you risk selling at the bottom; hold, and you worry there’s still more downside.
I could be wrong, but I think making a move before 73,510.0 gives us a signal is just a guess. I’ll own it if I’m wrong. 73,510.0 is the key level: if it holds, I’ll change my mind right away and admit a rebound is possible; if it breaks, it breaks—the trend is still down.
With it this oversold, do you believe in a rebound, or do you trust the trend?
$BTC
#BTC #MarketAnalysis