As predicted in my previous post about the BTC trend reversal, we've seen a healthy upward trend. All we need to do now? See if BTC continues its upward reversal through the channel shown in the charts. I've been using both RSI and Stoch RSI in order to see when they show that BTC is over/undersold. I'm currently seeing that BTC is showing signs of being oversold during our rally. I'm long-term bullish about BTC, but very short-term, it looks like we'll see a bit of a retrace after the rally. How much? I'm not sure, but as long as we stay within our upward channel, we'll see stable growth!
I'd like to hear your thoughts on BTC! Is it oversold or will we continue to see the upward trend? Please comment below, as the more input we see, the more informed we are!
*** This is not a recommendation to buy or sell, this is for educational purposes only! ***
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Accidentally labeled the point on the chart as oversold, I meant that to be overbought!
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BTC is still above the RSI, but still continuing parallel to the channel show. Much needed recovery!
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We're pretty flat here since my last update. We'll need some positive movement in the next day to stay within our channel. If we don't see this, we'll likely see downward movement.
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We're still within our upward channel. Healthy growth, healthy volume.
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Again, still within the channel but we're quickly approaching the bottom of the upward trendline. Let's see what happens and what the market looks like when it breaks the line.
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Still within our channel, we're seeing all the signs of healthy growth that we're looking for!
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It looked like we were headed out of the channel, but we're still within! Enjoy these gains, everyone!
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Still going up! We're within the channel and I'm seeing healthy volume and growth
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It's looking slightly overbought here, but not as much as I thought it would be.