Bitcoin - RSI & MA Oversold 📉

٢٣ أكتوبر ٢٠٢٢

Hi Traders, Investors and Speculators 📈📉

Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year. Daytime job - Math Teacher. 👩🏫

The price of Bitcoin has been trading sideways in a tight range for a few weeks now. The bulls and the bears are defending their zones with equal force and this forces the price to stay in a tight range with high volume. From the RSI we can see that the market is oversold in the weekly timeframe. By looking at the Moving Averages, we can also see that BTCUSDT has been underneath the 200d MA for the longest period of time ever recorded on Binance. This increases the odds of a move towards the upside. The most logical target would be the extension of the purple 200d MA, estimated to be around $22 000 - $23 000.

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