Bitcoin may be putting in a bottom for this recent sell off

There are several reasons to believe the lows are already in or close to being in for this recent correction.

We have a slew of red candles in a row taking the price down to a support level.

We have a MACD that is showing a possible trend change in the near future.

We have an RSI indicating oversold conditions.

Add it all up and it looks like bitcoin may be ready to start moving up in the near term:

(Source: https://twitter.com/PrestonPysh/status/1386368991283892225/photo/1)

The only question from here is whether this is just going to be a bounce and then head lower.

It technically made a lower low with this recent sell off which could mean that we are in the midst of a medium term trend change which would imply lower prices after the upcoming bounce.

However...

If bitcoin is going to go to these really high numbers, its running out of time to do that based on past patterns which may mean that it needs to start going up again sooner rather than later if its to realize those numbers.

We shall see very shortly either way.

Stay informed my friends.

-Doc