There's a lot of bearish sentiment out there on BTCUSD -9.21% and for good reason. A lot of red alerts are flashing and there happens to be a lot of red in our portfolios, especially if you have been hodling.
Well I think smart money is looking to enter as the price declines over the last month have been fairly overextended. The risk to the downside is far less than the potential upside. It is true the weekly chart is strongest chart when comparing and evaluating trends, and for that reason I present a weekly BTCUSD chart that doesn't appear to be too bearish if you discount the Mac D cross and instead take a look at the historical results as Slo Stoch approaches the blue line in the chart above, usually we get a bounce or some sideways action.
Nice bounce off the second blue trendline from the top of the chart, also coincides with the bottom blue on this 6 HR chart where we got a fairly strong bounce. There's more than technicals at play here, so be careful.