Is ETH oversold? Historically, there have been 2 times when RSI dropped to this level. The first time dropped 80% to 295, the second time dropped 60% to 2043. Currently, it is the third time and has only dropped 50%. Is this considered oversold? Let's see how much further it fell after the previous two oversold events?
As for whether BTC is oversold? You can also take a look at the current position corresponding to the RSI, in fact, it is still early!
Regarding the medium to long-term plan for Bitcoin: first drop to the trend line of 68,000, then fall to 58,000 after a few days, and launch a certain degree (about 35%) of rebound, then drop significantly until breaking the 30,000 level and building a bottom for 1-2 years until the first quarter of 2027, and then due to the fermentation of the US reserve issue, facilitate the next wave of bull to 190,000 to 200,000.
Do not overly rely on the so-called halving bull market cycle; after the Wall Street funds entered, everything changed.
If in the future the market breaks the red trend line, and after a slight rebound continues to fall, what should be done?
When the last big bull market dropped from 68,000 to the trend line of 40,000, the market believed the bull was still there, and then when it broke down to see Bitcoin in the 30s, only then did they think the bear had come? But so what? By the time you know the market is bearish, it's already too late, everything has become inevitable.
Just like this time, if it breaks the trend line of 68,000, or even breaks 60,000 to see the 50s, will you still think the bull is still there? Or will you only realize the bull has long gone when it reaches the 40s?
The market is always looking forward to the subsequent effects brought by national reserves. As previously mentioned, the big bull in 2021 at 68,000 was driven by the ETF topic, speculating that billions of capital were about to enter, sure to rise to 150,000 to 200,000, but who would have thought that 68,000 at that time was already the peak, and the ETF topic that was speculated became the birth of this big bull.
Just as the national reserve market promoted above 100,000, who would have thought it has already peaked, giving birth to the next bull market!
#Market analysis is for reference only #Does not constitute investment advice