BTC Oversold Bounce|Oscillators exhausted|Probable higher High
Evening Traders!
Today’s update will be on BTC which has negated the cup and handle formation (see chart linked) and now is in an established down trend.
Due to the immense selling pressure, BTC is probable to have an oversold bounce cooling of oscillators such as the RSI.
Points to consider,
- 21 EMA broken
- Structural support intact
- RSI oversold
- Stochastics in lower regions
- Heavy bear volume
Bitcoin has broken all key moving averages on the 240 timeframe; this includes the 21 EMA that kept the recent bull trend together. Major daily structural support is intact; a break of this level will increase probability of further downside.
The RSI is clearly oversold indicating a probable pull back in BTC; if this was to come to fruition it will increase the chances of a higher low in the trend.
Stochastics is currently in the lower regions, can stay trading here for an extended period of time, however lots of stored momentum to the upside.
Evident bear volume has cascaded BTC, a proper climax is likely to confirm a temporary bottom.
Overall, in my opinion, bears are likely to over-extend on selling and create an oversold bounce, cooling of oscillators and putting in a potential higher low.
What are your thoughts?
Please leave a like and comment,
And remember
“There is a huge amount of freedom that is derived from not fighting the market.”
― Yvan Byeajee
Today’s update will be on BTC which has negated the cup and handle formation (see chart linked) and now is in an established down trend.
Due to the immense selling pressure, BTC is probable to have an oversold bounce cooling of oscillators such as the RSI.
Points to consider,
- 21 EMA broken
- Structural support intact
- RSI oversold
- Stochastics in lower regions
- Heavy bear volume
Bitcoin has broken all key moving averages on the 240 timeframe; this includes the 21 EMA that kept the recent bull trend together. Major daily structural support is intact; a break of this level will increase probability of further downside.
The RSI is clearly oversold indicating a probable pull back in BTC; if this was to come to fruition it will increase the chances of a higher low in the trend.
Stochastics is currently in the lower regions, can stay trading here for an extended period of time, however lots of stored momentum to the upside.
Evident bear volume has cascaded BTC, a proper climax is likely to confirm a temporary bottom.
Overall, in my opinion, bears are likely to over-extend on selling and create an oversold bounce, cooling of oscillators and putting in a potential higher low.
What are your thoughts?
Please leave a like and comment,
And remember
“There is a huge amount of freedom that is derived from not fighting the market.”
― Yvan Byeajee
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Follow me on Twitter! twitter.com/pinkdawn__
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