Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
⭐ Merited by JSRAW (1)
Zooming into the short-term 1hr time-frame for all the panic sellers out there, the base of macro support at $7,800 is being defended by high volume.
The RSI is attempting to leave oversold conditions, while this does leave room to move lower, this is also considered a buy opportunity by price strength metrics (even if between 30 and 40 the RSI is still bearish). The MACD has notably bull-crossed a few hours ago, though yet to see any relevant follow through. CMF remains negative, though on each dip attempts to move back to neutral area with bullish divergence (due to increase in buy pressure), as opposed to moving lower (with an increase in selling pressure).
As far as I can tell, the "worst case scenario" is currently playing out, without much room for prices to move lower (based on oversold metrics alone):
If you're selling at these prices, based on the shorter-term price movements, you're doing it wrong
BTFD
The RSI is attempting to leave oversold conditions, while this does leave room to move lower, this is also considered a buy opportunity by price strength metrics (even if between 30 and 40 the RSI is still bearish). The MACD has notably bull-crossed a few hours ago, though yet to see any relevant follow through. CMF remains negative, though on each dip attempts to move back to neutral area with bullish divergence (due to increase in buy pressure), as opposed to moving lower (with an increase in selling pressure).
As far as I can tell, the "worst case scenario" is currently playing out, without much room for prices to move lower (based on oversold metrics alone):
If you're selling at these prices, based on the shorter-term price movements, you're doing it wrong
BTFD