🔥 Bitcoin Most Oversold Since COVID Dump: Incoming Bounce! 🚨

19 Ağu 2023

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I've been quite bearish over the last few weeks. I noted that volatility was extremely low and that the odds were more in favor of a bearish move as opposed to a bullish one.

In the short-term, statistics are more in favor of a bullish bounce, as opposed to a continued sell-off. The daily RSI value (measuring oversold and overbought conditions) has not been this low since the COVID dump back in 2020.

I still believe that BTC will continue to go down over the next months, but that doesn't mean we can have a bounce here and there. Personally, I think we will see some kind of bounce in the near future, which will eventually be sold off again.

Short-term in favor of the bulls, long-term for the bears.

What will happen next week? Share your thoughts in the comments 🙏

19 Ağu 2023

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My target area for the bounce lies between the 0.618 and 0.382 Fibonacci retracements.