Market has been flush with sellers over the weekend, many pointing to fundamentals/news about POTUS tweet, Jay Powell testimony, or news about Venezuela or Iran holding Bitcoin at the sovereign level. Most of this is noise, not signal. The future of Bitcoin remains highly speculative, and volatility should continue as a result of that uncertainty. Chart shows Bitcoin is substantially below RSI levels where it previously found support. On the 4 hour chart, Bulls need to retake the $11,100-$11,200 level. Otherwise defending ~$9500 is key. Long Bitcoin.
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BTC.X is getting even more oversold. Looks like bears are maintain the upper hand, though volume is declining and with RSI at these low levels, the price decline looks unsustainable. I plan to add at $9500 if that level holds on the daily and 4 hr charts.
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4 hour chart has seen a HUGE rally of the oversold levels. If $BTC.X can cross and stay above the middle of the channel, I'm looking for a test of previous 2019 highs.
Long Bitcoin.
Long Bitcoin.