Horizontal support levels for BTC $6,000 + $4,800
Here we are looking at the weekly BTC chart, goes without saying currently in a bear market.
Weekly VRSI is just insanely low.
Monthly still isn’t into oversold. I said before that maybe we need to go into the oversold on the monthly before we turn around this bear market.
Getting the VRSI lower than this on the weekly is harder and harder, and seems to be slowly down by a factor of 1.75.
The 28 week MA is accelerating towards our current level as we move away from that peak of 80+.
Market sentiment has me thinking this’ll be slow as hell. Extrapolating the drop in VRSI (bar a reversal) shows us not reverting till as late as November. Bleurgh.
I’m targeting a bounce for BTC at $6,000 short term for maybe a short squeeze, bull trap.
Longer term target is the 78.60 fib level, $4800 area, combined that there is a bit of support in that area, and a nice psychological number. These factors together really should put a barrier on the bear market, and hopefully start a change. Will update idea as we get closer to that area to confirm if i believe in a turnaround.