Unfortunately, Bitcoin and the broader cryptocurrency market have been trading really poorly for a while now. It seems as though this blood bath will never end! I do not have great news regarding the chart setup in Bitcoin; however, there is a silver lining! :)
.png)
Bitcoin has been in a bear market ever since it hit a peak of $20,000 per coin on December 16th. The market has made a series of higher highs and lower lows. At each low, Bitcoin consolidates, gains support, and then makes another leg lower.
.png)
Bitcoin just broke below its recent low of around $9200, and doesn't appear to be pausing. The major concern in Bitcoin is the fact that there are big gaps between the remaining support levels. If Bitcoin fails to hold support st $8,900, it could collapse all the way down to $8,000. This represents a significant move lower.
The silver-lining is that if Bitcoin drops to $8,000, the daily RSI will be in over sold territory. Each time the daily RSI went into oversold territory before, it resulted in a massive move higher.
.png)
If bitcoin falls to $8,000, it could represent a massive buying opportunity! The oversold daily RSI, could indicate that the bear market will end at $8,000. If that is the case, then it would not be a bad idea to have money on the sidelines waiting to buy BTC and whatever falls with it (DASH, ETH, NEO, EOS) hand over fist on the move lower.
Thanks for reading, and good luck! :)
Actually a good theory backed with good data. Thx for the share.
appreciate it!
Coins mentioned in post:
thanks for giving all the specifics! :)
Great post! imo your post could look more "clean" if you cut out the chart with the progam paint or something. I do i all the time. Just a suggestion :)
that's a great idea! I'll look into it! for me I have just done it with screenshots because it is easy and gets the point across. Thanks for the suggestion!