[Bitcoin] Expecting a Technical Rebound (9/7)
Hello, this is Chartist.
Bitcoin has been in a continuous downtrend since reaching the $65,000 level, without any significant rebound.
Currently, it has declined by around 19% from its previous high, forming a bottom around the $52,500 level.
The Crypto Fear and Greed Index has remained in the "extreme fear" range at 22-23 over the past two days, highlighting heightened market anxiety.
Now, the key question is whether Bitcoin can stage a rebound from this point.
Based on the current technical indicators, I believe there is potential for a recovery.
Let’s take a look at the analysis.
< Chart Analysis >
I’ve used RSI, CCI, and Stochastic indicators on this chart, and all three are showing positive signals after exiting oversold conditions.
1. RSI(Relative Strength Index) : An indicator measuring buying pressure. Currently recovering from oversold levels, signaling a possible price rebound.
2. CCI(Commodity Channel Index) : Used to identify overbought and oversold conditions. It’s moving out of the oversold zone, which indicates upward momentum.
3. Stochastic : A short-term indicator that predicts price reversals. It’s recovering from the oversold region, further suggesting the likelihood of a technical rebound.
Typically, when these indicators show recovery, the price tends to move toward the middle line of the Bollinger Bands (the red line on the chart).
However, since this middle line could serve as resistance, it’s crucial to monitor how the price reacts upon reaching it.
< Summary >
1. Bitcoin has dropped from $65,000, establishing a bottom around $52,500.
2. Technical indicators such as RSI, CCI, and Stochastic are all signaling recovery from oversold conditions, indicating a potential rebound.
3. It will be important to watch if the middle line of the Bollinger Bands acts as a resistance level during this rebound.
Best of luck with your investments!
※ This is not a buy or sell recommendation.
※ It is a personal perspective and should be used for reference only.
※ All decisions and responsibilities are yours.
Bitcoin has been in a continuous downtrend since reaching the $65,000 level, without any significant rebound.
Currently, it has declined by around 19% from its previous high, forming a bottom around the $52,500 level.
The Crypto Fear and Greed Index has remained in the "extreme fear" range at 22-23 over the past two days, highlighting heightened market anxiety.
Now, the key question is whether Bitcoin can stage a rebound from this point.
Based on the current technical indicators, I believe there is potential for a recovery.
Let’s take a look at the analysis.
< Chart Analysis >
I’ve used RSI, CCI, and Stochastic indicators on this chart, and all three are showing positive signals after exiting oversold conditions.
1. RSI(Relative Strength Index) : An indicator measuring buying pressure. Currently recovering from oversold levels, signaling a possible price rebound.
2. CCI(Commodity Channel Index) : Used to identify overbought and oversold conditions. It’s moving out of the oversold zone, which indicates upward momentum.
3. Stochastic : A short-term indicator that predicts price reversals. It’s recovering from the oversold region, further suggesting the likelihood of a technical rebound.
Typically, when these indicators show recovery, the price tends to move toward the middle line of the Bollinger Bands (the red line on the chart).
However, since this middle line could serve as resistance, it’s crucial to monitor how the price reacts upon reaching it.
< Summary >
1. Bitcoin has dropped from $65,000, establishing a bottom around $52,500.
2. Technical indicators such as RSI, CCI, and Stochastic are all signaling recovery from oversold conditions, indicating a potential rebound.
3. It will be important to watch if the middle line of the Bollinger Bands acts as a resistance level during this rebound.
Best of luck with your investments!
※ This is not a buy or sell recommendation.
※ It is a personal perspective and should be used for reference only.
※ All decisions and responsibilities are yours.
Feragatname
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