3 Reasons Why Bitcoin Will Bounce At The Current Level 🚀
$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:
1️⃣ 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.
2️⃣ 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.
3️⃣ 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.
--
Visit Crypto for more trade strategies. Details are in my Twitter bio.
