🔥 Bitcoin Correcting As Expected: Reversal Area Located

10 ก.พ. 2023

Recently I've made a couple of analyses on Bitcoin where I mentioned that we we're severely overbought and that a correction was due at some point in the future. What we're now seeing is the first correction of the year after a massive bull move.

As mentioned in my previous analysis, investor's reaction to the 4H RSI reaching oversold is key. We're still in oversold territory, so there's a decent probability we're going lower.

I'm looking at the yellow area for a potential reversal. If we're going to fall below $20.500 in the near future, I'd see that as a strong bearish confirmation for reversal.

I'm still bullish, but I also agree that we need to cool down. In case of a reversal, I'm looking at the blue targets for potential short-term targets.