Cryptocurrency
Bear Breather? Bitcoin Looks Oversold After 50% Price Drop Since June
As reported by CoinDesk, “Bitcoin is looking oversold, having lost half its value in the last five months. “The premier cryptocurrency by market value fell to a six-month low of $6,515 during the Asian trading hours and is currently trading at $6,880 on Bitstamp. That represents a 50.43 percent drop from the year-to-date high of […]
As reported by CoinDesk, “Bitcoin is looking oversold, having lost half its value in the last five months.
“The premier cryptocurrency by market value fell to a six-month low of $6,515 during the Asian trading hours and is currently trading at $6,880 on Bitstamp. That represents a 50.43 percent drop from the year-to-date high of $13,880 hit on June 26.
“BTC has registered losses in all of the last four weeks and last week’s 18.72 percent drop is the biggest 7-day decline in nearly two months.
“The sell-off may now be set for a pause, with the 14-day relative strength index (RSI) flagging oversold conditions…
“…Seasoned traders would argue that in a strong bearish market, the indicator tends to stay oversold for a long time. While that’s true, BTC has already erased 50 percent of the rally from the December 2018 low of $3,122 to the June 2019 high of $13,880.
“Further, the intraday charts are backing up the RSI with signs of seller exhaustion…”