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I've been quite bearish over the last few weeks. I noted that volatility was extremely low and that the odds were more in favor of a bearish move as opposed to a bullish one.
In the short-term, statistics are more in favor of a bullish bounce, as opposed to a continued sell-off. The daily RSI value (measuring oversold and overbought conditions) has not been this low since the COVID dump back in 2020.
I still believe that BTC will continue to go down over the next months, but that doesn't mean we can have a bounce here and there. Personally, I think we will see some kind of bounce in the near future, which will eventually be sold off again.
Short-term in favor of the bulls, long-term for the bears.
What will happen next week? Share your thoughts in the comments 🙏
I've been quite bearish over the last few weeks. I noted that volatility was extremely low and that the odds were more in favor of a bearish move as opposed to a bullish one.
In the short-term, statistics are more in favor of a bullish bounce, as opposed to a continued sell-off. The daily RSI value (measuring oversold and overbought conditions) has not been this low since the COVID dump back in 2020.
I still believe that BTC will continue to go down over the next months, but that doesn't mean we can have a bounce here and there. Personally, I think we will see some kind of bounce in the near future, which will eventually be sold off again.
Short-term in favor of the bulls, long-term for the bears.
What will happen next week? Share your thoughts in the comments 🙏
Note
My target area for the bounce lies between the 0.618 and 0.382 Fibonacci retracements.
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Disclaimer
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🎯Official Channel: t.me/FieryTradingChannel
📈Try my Premium Signals for FREE - 80% Win-Rate: t.me/FT_Futures_free
✅Monster Signals: t.me/monster_cryptosignals
🔥Premium Signals: fierytrading.com
📈Try my Premium Signals for FREE - 80% Win-Rate: t.me/FT_Futures_free
✅Monster Signals: t.me/monster_cryptosignals
🔥Premium Signals: fierytrading.com
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.