Yesterday I put out a piece talking about the price of Bitcoin. I mentioned the next possible price drops that may occur. The first was $4571, and the second $3454. It was to my astonishment that the first of the two drops had been attained. I never expected it to be that quick. With the current RSI in oversold levels, contrarians are looking to pick up some BTC at what is considered to be cheap. RSI, as I write, is at 12.26 and the price of BTC has somewhat recovered at $4920 having been as low as $4416. I would ask the adventurous among us to be cautious. RSI might be at an oversold level but the price may recover for a little while before dropping even further.
Any further drop and I suspect that the price level - $3435 – will be next. One quick reminder, the BTC price has been below the 21-day EMA (Exponential Moving Average) for a little while now, which indicates a highly bearish tendency. The lack of certainty in price direction is what makes this market interesting. As always, no one knows what might happen at any particular moment but then again, your guess is as good as mine.
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