BTC reaches oversold level but ...

BITFINEX:BTCUSD   Bitcoin / Dollar
193 0
.... of course, that is not a garantee that BTC is going to bounce from here. Only the likelyhood is bigger.

As I said in my post from yesterday, BTC is near important long term retracement level. The numbers are 7338 and 7698. What is new today, is that the RSI (14 ) is officially in oversold territory with a reading below 30. That all matches with a scenario of a (final?) leg down towards the lower fibonacci level I mentioned. (Remember, fibonacci is tricky sometimes as markets tend to exxagerate).

Although I just went long for a very small position, I'm not in the business of catching a falling knive, exept for very small positions. There will be plenty of possiblities to re-enter the market.

--------------- Of course, this is not a recommendation to buy or sell. For educational purposes only (and it's best to learn from other people's mistakes, not your own mistakes!). Do your own analysis and consult with you personal investment advisor at your bank before investing crypto currencies. -----
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