Imagine that u are oversold on the weekly for Bitcoin. How many times has this happened in history. Well this is the 3rd time and also a record.
Previous 12 years we have seen Bitcoin oversold around 28 RSI and now we are at 26. Also good to see that every time Bitcoin is oversold, we also had the bottom in for Bitcoin and we rallied the next week and never seen the low again.
The result of 2015 is visible in the 1st chart: We have a RSI around 28 and we rallied the following week with a stunning 52%
The result of 2018 is visible in the 2nd chart: We have a RSI around 28 and we rallied the following week with a decent 33%
The result of 2022 is not yet visible in the 3rd chart, but if we would calculate the previous results, then we could see 33% min bounce, 43% avg bounce or a 52% max bounce and u can see where it would take you.
So with a Fear and Greed index at 6 and bears in charge, where should Bitcoin be next week!
Previous 12 years we have seen Bitcoin oversold around 28 RSI and now we are at 26. Also good to see that every time Bitcoin is oversold, we also had the bottom in for Bitcoin and we rallied the next week and never seen the low again.
The result of 2015 is visible in the 1st chart: We have a RSI around 28 and we rallied the following week with a stunning 52%
The result of 2018 is visible in the 2nd chart: We have a RSI around 28 and we rallied the following week with a decent 33%
The result of 2022 is not yet visible in the 3rd chart, but if we would calculate the previous results, then we could see 33% min bounce, 43% avg bounce or a 52% max bounce and u can see where it would take you.
So with a Fear and Greed index at 6 and bears in charge, where should Bitcoin be next week!