BTC is down, ETH is down, stock market is down . . . can BTC short term movement be predicted.
In looking at RSI, we are approaching low levels seen with some of the previous drops. If we use these levels to examine the conditions preceding the drops and the low RSI levels/reversals, it appears we may be setting up for a similar drop. If these patterns repeat, it appears BTC may not reverse substantially until around 6500-7000. This would align very well with the trends at both the start and completion of the drops as well as the RSI. It also aligns with the durations over which similar drops have occurred.
Can BTC really go that low? Based on recent history, I don't see why not. Many potential buyers are waiting on the sidelines at this point, citing too much unpredictability. I have seen many hypotheses as to why there are certain drops, but little more than correlation. I for one am watching and trying to gauge when I am comfortable reentering for upward movement. I have read many others are doing the same.
Trade with caution, this is not advice, just an attempt to gauge both market sentiment and evidence from recent trends/indicators. If it does approach 7000, it seems like there is a high probability of a short or long term reversal.
In looking at RSI, we are approaching low levels seen with some of the previous drops. If we use these levels to examine the conditions preceding the drops and the low RSI levels/reversals, it appears we may be setting up for a similar drop. If these patterns repeat, it appears BTC may not reverse substantially until around 6500-7000. This would align very well with the trends at both the start and completion of the drops as well as the RSI. It also aligns with the durations over which similar drops have occurred.
Can BTC really go that low? Based on recent history, I don't see why not. Many potential buyers are waiting on the sidelines at this point, citing too much unpredictability. I have seen many hypotheses as to why there are certain drops, but little more than correlation. I for one am watching and trying to gauge when I am comfortable reentering for upward movement. I have read many others are doing the same.
Trade with caution, this is not advice, just an attempt to gauge both market sentiment and evidence from recent trends/indicators. If it does approach 7000, it seems like there is a high probability of a short or long term reversal.