I'll keep this short and simple today in regards to BTC and the ongoing bloodbath. I'm very curious to see how much more selling there is to be done the rest of the week as there are 2 indicators that are at extreme lows shown in the chart below
- The Relative Strength Index (RSI) value is now in the 20's on the daily chart. This level has not been seen since late summer of 2016. Look at the rest of the chart since then and it's always bounced right off of RSI level of 30. We are entering seriously oversold territory on this timeframe.
- The lower bollinger band has been breached which happened briefly in the middle of January a few weeks ago) and mid September of 2017.
I'm not calling the bottom and I'm holding off on any buys until I see something to convince me the panic selling is going to subside soon. But the extreme levels that these 2 indicators are at on the daily chart lead me to believe at least some consolidation or even a decent bounce back to $8k or so is in order even if it's just a dead cat bounce.
If you've bought high, yeah it sucks, but you either take the loss or HODL. Just remember what happened to those who weathered worse storms in this market in years past with BTC. They're still way in the green and BTC is still hundreds of % higher than it was a year ago.
My opinion--5,800 USD - 6K level holds at least for a week or so. This is not gospel, just my opinion so take it for what it is (or isn't) worth.
This is not trading or investing advice--always do your own research before buying...as you can see from the chart, you can lose your shirt in a matter of days in this crazy market.