BTC RSI seems to be creating a somewhat descending wedge and it looks to be nearing the bottom side of it so some relief to this massacre may be on the cards soon.
A lot of metrics are the lowest they have been in some time ()months) and we were in a macro uptrend so the BTFD folks have been buying this all the way to where we are now.
I expect a bounce very soon but you cannot deny the lower highs and lower lows on the 1D timeframe making this into a bona fide high timeframe downtrend.
Have we topped out? For now, yes. In a week or two? I don't think so.
A lot of metrics are the lowest they have been in some time ()months) and we were in a macro uptrend so the BTFD folks have been buying this all the way to where we are now.
I expect a bounce very soon but you cannot deny the lower highs and lower lows on the 1D timeframe making this into a bona fide high timeframe downtrend.
Have we topped out? For now, yes. In a week or two? I don't think so.