The price slide of Bitcoin has led to exaggerated interpretations about the downslide. They said there are little signs of trend reversal. They also said whales are not moved by the current price and they are not flocking in to buy the dip.
“It looks like the BTC Whales are waiting for the dip of the dippity dip dip. The Situation is like bought the dip, the actual dip, followed by the dip of the dip.”
Relative Strength Index (RSI) is used to identify overbought and oversold trends in the market. Anytime an asset is overbought or oversold it is all set for a trend reversal. This is a corrective pullback in price. If the RSI reading is 30 or below it means the asset is oversold or undervalued. If the asset us more than 70 it is overbought and overvalued. Technical traders use the RSI to identify bullish and bearish price momentum.
Will a trend reversal come? If so, when? There is no buying strength and it just looks like the price will go down again. However, for those who have not got any crypto this is the time to jump in.
Everyone is seeing the bear market coming, it is time to hold and relax. For now, macro uncertainty fears like inflation and geopolitical tensions are filled in the crypto markets.
BTC at the time of writing has been changing hands at $36,214. The trading volume has not risen as investors are trying to evaluate the situation. This has been the worse week in 8 months. Corporates are eyeing in the right time to buy. Fears of crypto winter is brewing. The price of BTC is half its record high numbers.
Those who made profits when the price was at it’s peak are smart.
Community Sentiments and Beliefs: The reality is that as long as exchanges keeps selling outside of the market the price will not go up, let’s be realistic small fish like us can’t move the market, no matter how many we are.
However, those who are optimistic about the power of the small fishes have to state, “I disagree, small fishes are a tiny proportion of actual trades. What? A 10% or human trades? But! We can trigger a bot stampede that we can.”
Practical traders reassure that pullback happen to every market and that the price will surely go up.
Fear will COST YOU big time. Chill, relax, watch a movie and workout. Bitcoin is adjusting and will slowly continue to rise.
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
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