Good morning, friends! ☕️
🚨 BITCOIN IS IN EXTREME OVERSOLD TERRITORY!
Bitcoin’s daily RSI has fallen below 30—the last time we saw this was in June, when BTC was around $58,000, after which it recovered to nearly $87,000.
Meanwhile, the Fear and Greed Index has dropped to 12 out of 100. Extreme fear has once again taken hold of the market.
❗️But the most interesting thing is that Bitcoin’s current structure looks a lot like the 2022 bear trap. Back then, BTC also formed two local peaks, broke through ascending support, and plunged sharply before reversing and continuing its rise.
We’re seeing a similar picture now: deep oversold conditions, panic among market participants, and an almost identical chart structure.
Of course, history doesn’t have to repeat itself, but Bitcoin at
$67,000 looks much more interesting to me than at
$87,000.
Let’s see whether the current drop turns out to be another bear trap. 👀🤝
🚨 BITCOIN IS IN EXTREME OVERSOLD TERRITORY!
Bitcoin’s daily RSI has fallen below 30—the last time we saw this was in June, when BTC was around $58,000, after which it recovered to nearly $87,000.
Meanwhile, the Fear and Greed Index has dropped to 12 out of 100. Extreme fear has once again taken hold of the market.
❗️But the most interesting thing is that Bitcoin’s current structure looks a lot like the 2022 bear trap. Back then, BTC also formed two local peaks, broke through ascending support, and plunged sharply before reversing and continuing its rise.
We’re seeing a similar picture now: deep oversold conditions, panic among market participants, and an almost identical chart structure.
Of course, history doesn’t have to repeat itself, but Bitcoin at
$67,000 looks much more interesting to me than at
$87,000.
Let’s see whether the current drop turns out to be another bear trap. 👀🤝
