3 Reasons Why Bitcoin Will Bounce At The Current Level đ
$BTC has been in a moderate downtrend for the last few days. During that time, the crypto sentiment changed massively. Social media is jam-packed with doom posts forecasting a massive dump.
While there's a chance to see lower levels, the opposite is much more likely. Here are three data-based reasons why:
1ď¸âŁ The upper boundary of the bull flag (see chart below) has served as a proper support line.
Just two days ago, Bitcoin bounced again at that support. Additionally, we have an even stronger support line sitting at ~62.5. Therefore, even if the bull flag support breaks, you can expect a bounce from the support below.
2ď¸âŁ The overall market is super oversold and ready for a turnaround.
You can see that in many of my previous posts. The entire altcoin market is extremely oversold. Consequently, a bounce is getting more likely every day.
3ď¸âŁ Volume has been constantly decreasing
BTC trade volume has been constantly decreasing during its downtrend. This can be interpreted as fading sell pressure that is likely to result in a massive volume spike.
One word of caution: A break of the 62k level invalidates the above arguments and signals a bearish continuation.
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