๐ฅ Bitcoin Found A (Temporary) Bottom: Volume & RSI Analysis
Yesterday's sell-off was had and brutal. Likely, yesterday's sell-off was the climax of the bearish trend that we've been trading in since the end of March.
There's two indicators that I want to look at today; the Volume and the RSI.
If you go back in time, you can always see that massive volume spikes often coincide with big bottoms and/or reversals. Over the last two years, there's only been a handful of occasions where we had similar or more volume than yesterday, see the green arrows.
Furthermore, the daily RSI had a reading below 25 points. This has only occurred three times in the last two years and has signaled a bottom on every single time.
At last, the 30k - 28.8k support area has held yet again.
We can deduce from this chart that it is likely that we've found a bottom, albeit temporary. In my analysis below I make the case for further downside, which I still believe is coming. However, it's likely that we're going to see some green or neutral price action for the coming days. In the end, my bear target is still in the green area on the chart below.
There's two indicators that I want to look at today; the Volume and the RSI.
If you go back in time, you can always see that massive volume spikes often coincide with big bottoms and/or reversals. Over the last two years, there's only been a handful of occasions where we had similar or more volume than yesterday, see the green arrows.
Furthermore, the daily RSI had a reading below 25 points. This has only occurred three times in the last two years and has signaled a bottom on every single time.
At last, the 30k - 28.8k support area has held yet again.
We can deduce from this chart that it is likely that we've found a bottom, albeit temporary. In my analysis below I make the case for further downside, which I still believe is coming. However, it's likely that we're going to see some green or neutral price action for the coming days. In the end, my bear target is still in the green area on the chart below.
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