Is BTC oversold, or will the dip continue? (NFA/DYOR)

Short answer; too soon to tell. However, a couple of common indicators offer some optimism. The 200 day SMA held as support yesterday, and considering that the price hasn't crossed below the 200 day SMA since March 2018, that's a good sign that a "bottom" for this downtrend may have been reached. Moreover, yesterday's dip was so sudden and deep we managed to break through the lower bollinger band, which indicates to me that BTC is oversold, at least for now. Thirdly, the RSI on the daily chart hasn't been this low since the last significant crash we had in November 2018. We have yet to see a hint towards the MACD EMA lines converging, though, so this could mean while we may not break much lower, the price may remain at these levels for a little more time before rebounding. I used these indicators here because I basically believe that the indicators we use work better as more people use them, and given that the indicators I used here are some of the most popular, we can expect that a lot of other people are looking at the same ones and basing their decisions off of them. What do you guys think? Are we settling here, headed further down, or breaking back upward very shortly? I'm still new to this, so keep that in mind. (NFA/DYOR)

Commentaire:

Misspelled "Bollinger" on my chart... welp.