🔥 Bitcoin Retesting Critical Support: Dead Cat Bounce!
After a relatively big sell-off, BTC is currently bouncing from very oversold levels. Yesterday marked the first time since August that the 8H timeframe hit oversold on the RSI, so a bounce was to be expected.
Bitcoin is currently on its way to retest the critical purple area of support as resistance. A rejection from here would confirm the break of 40k, with a move towards 35k in the cards.
If BTC can close the week above the purple area we have to consider the idea that this bearish move was merely a correction instead of a longer term shift in trend.
Below you find my current view on the market in more detail.
Bitcoin is currently on its way to retest the critical purple area of support as resistance. A rejection from here would confirm the break of 40k, with a move towards 35k in the cards.
If BTC can close the week above the purple area we have to consider the idea that this bearish move was merely a correction instead of a longer term shift in trend.
Below you find my current view on the market in more detail.
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