During the last cycles bitcoin has never fallen below the weekly 200 moving average. During the covid sell-off price wicked below the moving average for 2 weeks, but this was merely a deviation from the trend.
Right now bitcoin has stayed below the average for 6 weeks. But in my opinion this is just another deviation from the trend to fake out traders. At the moment so many people are bearish, and that usually is the point where the market turns around. The majority is never right. Buy the fear, sell the greed!
And the answer might be in the RSI, every time bitcoin has turned around when rsi was around 30. This time rsi went as low as 25.71, lower than it has ever gone.
But as you can see the RSI has started a small up trend. Which makes me believe the bottom is in.
Can we go even lower with rsi and price it self. Yes that is a possibility. But for now as long as the rsi starts making higher highs and higher lows, price usually follows. For now I am of the opinion that the bottom is in for the cycle and we will start and up trend from here.
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