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Oversold #BTC price bounce ahead?
Interestingly, Bitcoin's decline in August has left its daily relative strength index (RSI) in its most oversold state since June 2022.
An oversold RSI typically results in a price bounce, raising Bitcoin's potential to rebound toward the $26,500-27,500 range (the green zone) by September.
This range has served as support in March and May 2023. It also coincides with Bitcoin's 200-day exponential moving average (200-day EMA; the blue wave) near $27,225.Conversely, another selloff will have bears eye the $24,750-25,350 range (the red area) as the next downside target by September.
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