I've been watching the daily charts up close and I think it's very likely we will rebound real soon.
My reasoning is the following:
#1 Bullish RSI divergence on the daily: meaning the prevailing trend is now weak and is up for reversal.
#2 Bearish momentum has been in constant decline for a while now, which basically tells the same story as #1.
#3 We are pretty close to the all-time-high amount of Bitcoin shorts, which makes me think that the next rebound will feature a lot of short-squeezing and prices will surge back up rapidly.
My reasoning is the following:
#1 Bullish RSI divergence on the daily: meaning the prevailing trend is now weak and is up for reversal.
#2 Bearish momentum has been in constant decline for a while now, which basically tells the same story as #1.
#3 We are pretty close to the all-time-high amount of Bitcoin shorts, which makes me think that the next rebound will feature a lot of short-squeezing and prices will surge back up rapidly.
Note
Wow, I totally nailed it!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.