BTC fell back into rollercoaster downtrend channel
BTC has fallen back into the down channel that formed at the all time high of 64k. There have been breakouts from this channel in May but it did not last long. Look for support along the channel's dashed center line. If it falls through that it should hold at the bottom channel support line.
The Weekly RSI is still bearish and unless it stays above 50 we won't have a recovery. Look at the past rallies and you will see when it moves about an RSI of 50 (weekly) then a bull run has a chance of starting.
The price is getting closer to the 8k to 12k support region where buying should start up again.
We are still on the rollercoaster headed down. Enjoy the ride and don't panic! The rollercoaster will eventually come to a stop at the bottom where you can buy new tickets for the ride up. In the mean time if your stomach gets upset, please use the paper bag that is found tucked in the seatback in front of you, as a courtesy to the other riders.
The Weekly RSI is still bearish and unless it stays above 50 we won't have a recovery. Look at the past rallies and you will see when it moves about an RSI of 50 (weekly) then a bull run has a chance of starting.
The price is getting closer to the 8k to 12k support region where buying should start up again.
We are still on the rollercoaster headed down. Enjoy the ride and don't panic! The rollercoaster will eventually come to a stop at the bottom where you can buy new tickets for the ride up. In the mean time if your stomach gets upset, please use the paper bag that is found tucked in the seatback in front of you, as a courtesy to the other riders.
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