For those of you who are bullish on BTC, this might be a good time to get in.
We are hitting this massive support zone. Testing this trendline. RSI is oversold and MACD could cross anytime to ratify it.
On the daily chart, RSI is almost in oversold territory which would indicate that further downside will be limited.
Happy Trading,
-Sherem
We are hitting this massive support zone. Testing this trendline. RSI is oversold and MACD could cross anytime to ratify it.
On the daily chart, RSI is almost in oversold territory which would indicate that further downside will be limited.
Happy Trading,
-Sherem
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More extensive update:
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You know, I don't understand why the market reacts this way to just delaying the approval of an etf. Really makes little sense. I mean the winklevoss's have had their ETF delayed and denied for a year if not more, and then all of the sudden CBOE's etf JUST gets delayed and the market tanks? pffft.
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While the news did drive this down for no real reason, if we look at the daily RSI, we can see it's proved itself many times in the past. most recently in June, we hit an oversold area twice. If we start leveling off down here and forming a similar pattern, it will start forming a double bottom. Something to be mindful of.