BTC Reversal Anyday Now!!?
BTC is still pushing down with big bearish pressure, we are currently sitting at 33.5K and i personally believe a reversal is in sight anyday now for Bitcoin! I am looking at our current area all the way down to the 30K mark where a reversal could be likely, 30K is a strong and established level that is also held up by the underlying 1 FIB at 28.6K. We have current downtrend support which was resistance coming from our ATH so we got a stronger level here aswell, we don't want to see a break below here and especially not below 30k, personally i think the 28.6k 1 FIB level will be the final level before reversal if we did see a push that far. Checking out the RSI we are very oversold and we have been for a little bit now, this usually gives hope of a reversal coming soon. We will definitely have levels of resistance to break along the way back to the upside but the most important thing is regaining that midline, if we do we can confirm a new uptrend and if we don't well you guys know, confirmed downtrend until we do. Now looking at the mean reversion channel, first thing that we notice is the yellow and red bands, this represents very oversold, just like we see with the RSI, now if you go back in time and check out the dips we had into this oversold band you will notice that we rebounded very strongly out of this area, now this could be a matter of time of course, sometimes we spend multiple days in this zone and other times we just spend a couple days in here but overall at some point we have to reverse. Ultimately we should be looking at a comeback to the mean, which is the yellow line in the middle around 52.6K, at some point price tends to revert back to its mean over a gradual timeframe. Like i said before i believe we are in the final stages of this massive flush, we either have a short period left of downside or we are going to reverse very soon, both ways this provides very nice entries and buying opportunities that i am taking advantage of! Not financial advice just my opinion!
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