BitcoinLong
Bitcoin oversold, 4H 200 holding support.
Updated
I'm not convinced it won't go down to test if it will close above the 4h 50 yet, but I do not agree with the bearish sentiment saying "this is the road to 11k / 8k"
it would take a titanic dump for it to go below 15k. Forget 14105 barring.. an IRS crackdown on private traders.
Look how oversold we are, look how long the RSI has been flatlined at literal zero.
Yes, there is a double top.
Yes, we did test the most recent 0.618. (Not even the 0.5)
This 4h candle is having a hard time of it trying to even close below the low of the previous candle.
While that remains the case, I say buy this dip on the first green 4h heiken-ashi candle.
it would take a titanic dump for it to go below 15k. Forget 14105 barring.. an IRS crackdown on private traders.
Look how oversold we are, look how long the RSI has been flatlined at literal zero.
Yes, there is a double top.
Yes, we did test the most recent 0.618. (Not even the 0.5)
This 4h candle is having a hard time of it trying to even close below the low of the previous candle.
While that remains the case, I say buy this dip on the first green 4h heiken-ashi candle.
Note
However, what i do see is : We might bounce here, make a lower high, and make one more leg lower to ~14500 before resuming the uptrend. One of the reasons for this is that you *could* see this is an A-B-C upward correction in a larger downtrend after 5 waves down. We could make 4 or 5 more waves down in this case. But, we are oversold right now, which we weren't at the end of the first wave of corrections from the December high.
Note
Meanwhile in btc/usd0.618 support for now.
Note
0.618 broke through and 0.5 touched. We will see on the close of this 4h what's going on.Note
I have since changed my mind. In my defense, there was regulatory pressure of a similar scale in play with korea, japan and the first european countries stepping in to regulate exchanges.
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