Woke up in the middle of the night to check this, and I kind of regret it. $BTC is at 74,022.9, and the RSI has already hit 30.1—just one step away from the 14-day low of 72,727.3.
It’s slid all the way down from the 14-day high of 82,060.9, and those holding it are having the hardest time right now: sell, and you’re afraid you’ll sell at the bottom; hold, and you’re afraid 72,727.3 won’t hold. With the RSI around 30, the drop really has been sharp and relentless, but being oversold doesn’t mean the decline is over.
I could be wrong: an RSI of 30.1 looks oversold, but until 72,727.3 breaks, I’m not willing to call a rebound. If it breaks, then it breaks—we can admit it when the time comes.
At this level of oversold, do you believe in a rebound or the trend?
$BTC
#BTC #MarketAnalysis
It’s slid all the way down from the 14-day high of 82,060.9, and those holding it are having the hardest time right now: sell, and you’re afraid you’ll sell at the bottom; hold, and you’re afraid 72,727.3 won’t hold. With the RSI around 30, the drop really has been sharp and relentless, but being oversold doesn’t mean the decline is over.
I could be wrong: an RSI of 30.1 looks oversold, but until 72,727.3 breaks, I’m not willing to call a rebound. If it breaks, then it breaks—we can admit it when the time comes.
At this level of oversold, do you believe in a rebound or the trend?
$BTC
#BTC #MarketAnalysis