The bitcoin price has been in a downward trend for the past few months, with the cryptocurrency often hovering around the $3,000 mark. However, there are now signs that the downward trend may be coming to an end. According to CoinDesk , the first bitcoin oversold conditions were last seen in April 2016, and they can be used to signal a possible rebound. The oversold levels are contained in the 14-day exponential moving average, which shows that bitcoin has recently entered oversold conditions.
Check out the following image, which is a showing the cumulative Bitcoin volume over the last 30 days. What you’re looking at is this chart looking at cumulative Bitcoin volume going forward over the next 30 days.Summary of the situation
- Bitcoin has been falling for almost 2 months now and has piqued investors’ curiosity.
- Already on Monday, bitcoin showed signs of recovery and reached the $41,000 mark.
- The NVT indicator shows that bitcoin is at its lowest selling level.
The Bitcoin/USD chart was trading around $37,200 when traders started to sweat a bit. Strong support was at the $38,000 level, which was broken through the game. The currency was then able to recover slightly, resulting in an, albeit small, increase in the overall market. According to experts, BTC is looking to retest the resistance it broke a few days ago. This is an understandable reason why experts believe BTC is not in the free zone. It is possible that the currency is gearing up for a rebound, but there is no certainty about that. It is possible that bitcoin will continue to decline, but as it approaches the $40,000 mark, we can say that it could stay at that level and try to grow further towards the $40,000 mark.
Woobul indicator levels show bitcoin is oversold.
Bitcoin managed to break through the $40,000 mark, and just when the whole market was rising, BTC started to fall further, and it is now trading around $39,000, and traders have a more optimistic outlook on the coin’s performance. Traders like Crypto Cobra expect the market to pick up in the coming days and see this as an opportunity to raise their money and invest. Source: TradingView Bitcoin is full of surprises. The US Fed is over printing dollars and gold is selling at its lowest price in 6 weeks. In this scenario, you could say it’s time for bitcoin to shine. The Woobul indicator is a net worth trading signal (NVT) and was originally developed by Willie Wu. According to this indicator, a rebound in the largest crypto-currency is currently possible. Indeed, according to historical data, the indicator shows that BTC is oversold. The next move after oversold will be the bounce, and it could be that BTC bounces to $40k and retests new resistance.
bitcoin rsibitcoin pricebitcoin newsbitcoin price usdbtc to usdbitcoin chart,People also search for,Privacy settings,How Search works,bitcoin overbought indicator,bitcoin oversold chart,bitcoin strength index,bitcoin rsi,crypto rsi tracker,bitcoin rsi levels,ethereum overbought,oversold crypto meaning