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Three Reasons to Expect a Relief Rally in Bitcoin
TL;DR Three reasons to expect a relief rally in Bitcoin:
1. Mounting support from below
2. Looking oversold
3. Each selloff covers less and less ground
Bitcoin has continued its rout. We noted that the lack of buying was concerning and a further selloff was imminent yesterday, and that's exactly what we got. We tested our lower level 46.2K exactly, and appear to be finding support there at the moment. A green triangle on the KRI confirms the support. The extent of the selloff is less than the dump on the 27th and 28th, which suggests that support is mounting and we may be in for a relief rally. We don't expect anything spectacular, but 47.4K and 48.2K are reasonable targets. If the selloff continues, 45.6K and $45K should hold. These levels should provide a cushion against another dump and we anticipate 45K as a floor price for now.
1. Mounting support from below
2. Looking oversold
3. Each selloff covers less and less ground
Bitcoin has continued its rout. We noted that the lack of buying was concerning and a further selloff was imminent yesterday, and that's exactly what we got. We tested our lower level 46.2K exactly, and appear to be finding support there at the moment. A green triangle on the KRI confirms the support. The extent of the selloff is less than the dump on the 27th and 28th, which suggests that support is mounting and we may be in for a relief rally. We don't expect anything spectacular, but 47.4K and 48.2K are reasonable targets. If the selloff continues, 45.6K and $45K should hold. These levels should provide a cushion against another dump and we anticipate 45K as a floor price for now.
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