BTC - Bottom In Sight
First looking at the context on the weekly chart, RSI shows Bitcoin to be oversold, comparable to the momentum seen at the end of the 2015 crash.
Looking at the daily chart it gets even worse, no other time in history was bitcoin more oversold than it is today. Where does that leaves us now? Bitcoin has been ranging for the last couple of months before breaking its zigzag downwards. Last couple of days we have seen 3 impulse waves to the downside. Elliott will tell us it is time for a retrace. Looking at CCI, this behaviour is confirmed, three impulse waves have passed, each with lowering momentum than the subsequent one. RSI and CCI both clearly show price divergence. Volume has been spiking, which can only mean 1 thing, people are buying bitcoin! Buy the low, dont miss the boat.
Looking at the daily chart it gets even worse, no other time in history was bitcoin more oversold than it is today. Where does that leaves us now? Bitcoin has been ranging for the last couple of months before breaking its zigzag downwards. Last couple of days we have seen 3 impulse waves to the downside. Elliott will tell us it is time for a retrace. Looking at CCI, this behaviour is confirmed, three impulse waves have passed, each with lowering momentum than the subsequent one. RSI and CCI both clearly show price divergence. Volume has been spiking, which can only mean 1 thing, people are buying bitcoin! Buy the low, dont miss the boat.
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