The cryptocurrency market has been brutal in recent weeks. Investors want to see the end of what has been a very difficult time for many. As of a few days ago things seem to be calming down. One can see this in the charts. Looking closely at the charts just this afternoon signify things might be on the up. First, the RSI (Relative Strength Index) has gone from an oversold position of 20.65 on the 13th to 36.61 today. This indicates that some buying is now back in the market.
Second, there has been a gradual increase in the CCI (Commodity Channel Index), which has moved from -273.0142 to -57.8237. Finally, the volume on chart looks commensurate to the price of BTC at the moment. In other words, there isn’t a spike in volume with very little price movement, which may indicate something not adding up. If all these factors continue then things will remain calm for the time being. I must remind all that this is just an opinion and partly subjective. At any moment, things can change; this after all is the crypto market we are talking about. Please remember that if Vitalik Buterin announces he lost his dog while walking the park, the crypto markets will have another fall. Let us hope no one says or does anything to bring that about. But then again, your guess is as good as mine.
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