BTC appears to have bounced, for now.
If we use the 125 day moving average and assume that BTC follows a yearly cycle we can see the daily bounces off this line every time so far.
Lets see how this plays out over the next day or so and holds true.
The bottomed out RSI indicator is also close to the last bottomed out regions, although not yet quite as low. Momentum indicators in time of panic selling have to be taken with a pinch of salt. There's "oversold" which does not mean "Sold out!"
If we use the 125 day moving average and assume that BTC follows a yearly cycle we can see the daily bounces off this line every time so far.
Lets see how this plays out over the next day or so and holds true.
The bottomed out RSI indicator is also close to the last bottomed out regions, although not yet quite as low. Momentum indicators in time of panic selling have to be taken with a pinch of salt. There's "oversold" which does not mean "Sold out!"