Hello! I hope you're all fine.
Looking at the daily chart of BTCUSD, the market is currently still very bearish but I can make a case for a potential long entry in the region of 7700-7000 if we get a confirmation in the form of a pin bar or a double bottom in the coming days.
Why? 1. There are some old tops on the left that can provide support. 2. We have the 200 moving average here as well (and it would be extremely negative if we broke below it). 3. For the first time since 3000, the 14-period RSI has gone oversold. It marked a reversal the last time around.
So, like I said, we need a confirmation first, but this is a potentially attractive area to watch. Thanks!
Looking at the daily chart of BTCUSD, the market is currently still very bearish but I can make a case for a potential long entry in the region of 7700-7000 if we get a confirmation in the form of a pin bar or a double bottom in the coming days.
Why? 1. There are some old tops on the left that can provide support. 2. We have the 200 moving average here as well (and it would be extremely negative if we broke below it). 3. For the first time since 3000, the 14-period RSI has gone oversold. It marked a reversal the last time around.
So, like I said, we need a confirmation first, but this is a potentially attractive area to watch. Thanks!