BTCUSD correction analysis
Cant deny that last BTC drop was massive. Ofc that correction was expected, but my guess is that people overreacted to Elon Musk's and China FUD (srsl, how may times will China ban crypto?), and that's why I think there is still some strength in bulls and we will see upward moevement in the next few weeks.
White vertical lines are a point of RSI bullish divergence and a perfect long entry. Every time in recent bullrun Bitcoin bounced from these points to set another high. We've reached similar point at May 23rd and bounced again from 1D SMA200, which was the last support for BTC price. On 1D chart RSI is oversold and MACD lines are about to print a bullish crossover with histogram turning positive.
Still, last week Fear & Greed reached same levels as in March 2020 so there is still a lot of uncertainty and another drop to 33k with quick bounce might be needed for bulls to take over.
According to this chart in around 4 weeks we should reach another low and possibly another buying opportunity. Let's see how this plays out.
White vertical lines are a point of RSI bullish divergence and a perfect long entry. Every time in recent bullrun Bitcoin bounced from these points to set another high. We've reached similar point at May 23rd and bounced again from 1D SMA200, which was the last support for BTC price. On 1D chart RSI is oversold and MACD lines are about to print a bullish crossover with histogram turning positive.
Still, last week Fear & Greed reached same levels as in March 2020 so there is still a lot of uncertainty and another drop to 33k with quick bounce might be needed for bulls to take over.
According to this chart in around 4 weeks we should reach another low and possibly another buying opportunity. Let's see how this plays out.
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