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Topic: Bitcoin leaves oversold RSI territory on Daily chart - page 2. (Read 251 times)

legendary
Activity: 1722
Merit: 2213
After reaching similar oversold levels to January this year (~20), yesterday Bitcoin closed it's first Daily candle above oversold levels (<30) on the Relative Strength Index (RSI):



In January this led to a 35% increase in price from $35K to $48K in the months to follow, but in May this was only a dead cat bounce from $28K to $32K before further downside. The equivalent rebound in percentage terms, even if price is to go lower, would be $19K to ~$25K.  Meanwhile, the Weekly RSI remains considerably oversold after reaching lower levels ever seen and is currently 27.5.

Are you still expecting further downside before a recovery?

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