Bitcoin OVERDUE for a BOUNCE

5 Ağu 2022

Hi Traders, Investors and Speculators📈📉

Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year.

If we use the trusted method of Moving Averages, we can see that the Bitcoin BTCUSDT price has been trading under the 50 day moving average for 248 days (except briefly during April where it was above for 10 days). This means that Bitcoin is oversold, and due for a bounce. Note that a bounce would not necessarily mean a reversal, but just like in April, it's possible to see price action trade above at least for a few days.

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Have a great weekend 🚀👍

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