At this level, I actually feel a little less worried. $BTC is trading at 64,812.5, down 3.5% for the day. RSI is only 21.5, and it’s just one step away from the 14-day low of 62,006.0.
In plain English: an RSI of 21.5 means sellers are rushing for the exits all at once, and the short-term decline has been both sharp and relentless. But being oversold doesn’t mean the drop is over. If 62,006.0 breaks, there won’t be much meaningful support below.
I’d rather sit tight for now, because buying the dip or chasing the short here both feel like bets on sentiment. But if it gets back above 67,523.1, I’ll change my mind immediately—that would mean the bears have run out of steam.
At this level of oversold, are you betting on a rebound or trusting the trend?
$BTC
#BTC #Market Analysis
In plain English: an RSI of 21.5 means sellers are rushing for the exits all at once, and the short-term decline has been both sharp and relentless. But being oversold doesn’t mean the drop is over. If 62,006.0 breaks, there won’t be much meaningful support below.
I’d rather sit tight for now, because buying the dip or chasing the short here both feel like bets on sentiment. But if it gets back above 67,523.1, I’ll change my mind immediately—that would mean the bears have run out of steam.
At this level of oversold, are you betting on a rebound or trusting the trend?
$BTC
#BTC #Market Analysis