Bitcoin price action activity has not been volatile from yesterday to today, however, dovish analysis suggests that the Bitcoin price action projection gives potentially dire signals for the bulls which in some ways creates debate as to what could happen in the coming weeks.
In this regard and analysing the views of Cointelegraph columnist William Suberg, "Despite being heavily oversold, according to relative strength index (RSI) readings, Bitcoin refused to offer any form of rebound to recover from levels last seen two months earlier".
Suberg also noted, "Nonetheless, the implications were potentially very serious for bulls, as a lower low (LL) could jeopardise even USD 20,000 support going forward."
One piece of information that caught my attention from the Suberg article, is that it stated that "RSI measured below 19 at the time of writing, near its lowest levels since the 2018 bear market bottom. Daily levels were similar, reaching their lowest level since the March 2020 COVID-19 cross fall."
From my perspective even though there are reasons as a product of technical analysis that the Bitcoin price action projection gives potentially dire signals for the bulls, I remind you that the price always goes in the opposite direction to what the majorities think.
SOURCES CONSULTED
Cointelegraph. Bitcoin analyst eyes ‘V-shape’ BTC price bounce as RSI hits 5-year low. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
One fun thing about this, is that Bitcoin always surpass our imagination, no one knows what to expect. I know couple of others would be watching the trend in other not to miss the biggest bid. Well, I'd leave that to my Dual Investment.
Bitcoin will pump that's for sure. But, for what need if we don't follow the trend
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