$BTC: Up or Down?
Bitcoin for the last few days has been bouncing between the Fib Retracements of 0.236(resistance) and 0.382(support) following a significant "correction".
While
BTC is currently below the 200 day SMA, quickly approaching is the 50 day SMA. If BTC keeps moving the way it is we will see a Golden Cross. Looking at the RSI we see that BTC isn't overbought(above 70) nor oversold(below 30), it is sitting around 45 for today.
My hypothesis based on this analysis is that we will see strong upward movement and buying pressure forBTC during the week or possibly the next but until then we could see more selling pressure to get the RSI further into oversold territory.
Comment whether or not you agree or disagree, will appreciate any opinions or feedback.
Thanks 👍
While
BTC is currently below the 200 day SMA, quickly approaching is the 50 day SMA. If BTC keeps moving the way it is we will see a Golden Cross. Looking at the RSI we see that BTC isn't overbought(above 70) nor oversold(below 30), it is sitting around 45 for today.My hypothesis based on this analysis is that we will see strong upward movement and buying pressure for
BTC during the week or possibly the next but until then we could see more selling pressure to get the RSI further into oversold territory.Comment whether or not you agree or disagree, will appreciate any opinions or feedback.
Thanks 👍
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