BTCUSD, SMA drop overview, could this be bottom?
On a weekly time frame, we can notice previously on average 50% drop after SMAs cross over.
Also, the RSI here after hitting 17k gave us an extremely oversold signal.
In 2015, we stayed sideways after reaching a similar point.
In 2019 couple of months of sideways and then we bounced back up and then corrected again.
And now we are entering October, which previously was a bullish month on many previous cycles.
I think Bitcoin this time will do well in October going above 25k and then correct again maybe retesting 17k
On a weekly time frame, we can notice previously on average 50% drop after SMAs cross over.
Also, the RSI here after hitting 17k gave us an extremely oversold signal.
In 2015, we stayed sideways after reaching a similar point.
In 2019 couple of months of sideways and then we bounced back up and then corrected again.
And now we are entering October, which previously was a bullish month on many previous cycles.
I think Bitcoin this time will do well in October going above 25k and then correct again maybe retesting 17k
