BTC: Waiting for the bottom
What's going on guys!
I've been remaining patient on Bitcoin and the crypto market in general. There are so many cheap, high quality projects out there, but the charts are telling me price has further to fall for Bitcoin, so it will likely do the same to a greater extent for the rest of the market. This is the capitulation that everyone is talking about.
We could see a bounce (generally) across the market as much is oversold on the daily, but right now for me this is like trying to catch the falling knife.
I'm waiting for an oversold condition of 30 or less on the weekly RSI
AND
I'm waiting for the 100 and 200 weekly MAs to cross.
I'm convinced this will form the bottom for Bitcoin.
As far as price targets go, I have no Idea where we will make a bottom. It's a pretty hairy situation. It could be anywhere from $3,000 to $1,800.
Let's see what happens from here.
Thanks for stopping by.
I've been remaining patient on Bitcoin and the crypto market in general. There are so many cheap, high quality projects out there, but the charts are telling me price has further to fall for Bitcoin, so it will likely do the same to a greater extent for the rest of the market. This is the capitulation that everyone is talking about.
We could see a bounce (generally) across the market as much is oversold on the daily, but right now for me this is like trying to catch the falling knife.
I'm waiting for an oversold condition of 30 or less on the weekly RSI
AND
I'm waiting for the 100 and 200 weekly MAs to cross.
I'm convinced this will form the bottom for Bitcoin.
As far as price targets go, I have no Idea where we will make a bottom. It's a pretty hairy situation. It could be anywhere from $3,000 to $1,800.
Let's see what happens from here.
Thanks for stopping by.
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