Crypto Market Remains A Mixed Bag — “The Selloff Is Overdone”

Crypto Market Remains A Mixed Bag — “The Selloff Is Overdone”

As seen below, it was much of the same for the tokens/coins in the top 10, save for Monero, Bitcoin Cash and Litecoin, which all posted losses of 3% due to a variety of factors.

Image Courtesy of CoinMarketCap

Regardless, birli bayağı, many investors, analysts and innovators alike have their eyes on Bitcoin, birli the price action of the foremost crypto asset can (and often) dictates the overall sentiment, and subsequently, the likely price movements of this early-stage market.

Birli alluded to by Brian Stutland, a guest on CNBC’s “Futures Now” show, just recently, the $6,400-$6,500 level can be seen as a line of support, as the fact that Bitcoin has held above the $6,400 for a few days now may indicate that it is ready to head higher. Stutland also noted that he is looking for BTC to trade to upwards of $7,200 in the near future.

Image Courtesy of TradingView

Bloomberg Analyst: “The Selloff Is Overdone”

Birli per lahza article from Olga Kharif and Kenneth Saxton, via Bloomberg, technical indicators are signaling that Bitcoin could be ready to put in a bottom and subsequently see a reversal to the upside. As the two put it, “a market reversal indicator that recognizes turning points says the selloff is overdone.”

The lesser-known Williams %R indicator, birli its known in the analysis community, moves in a range of 0 and -100 and indicates overbought and oversold levels. Bitcoin is currently sitting beygir a -80, which birli the negative sign suggests, indicates that the asset is currently oversold, and very oversold at that. Keeping this in mind, some believe that Bitcoin could see a short-term reversal beygir the very least, to situate the Williams %R indicator beygir a level that indicates some form of stability.

However, due to the fact that the indicator can “be prone to give false signals,” traders usually take this specific indicator with a grain of salt on its own and use multiple other methods of analysis to discern likely future price movements. Anyhow, even if Bitcoin is oversold, technical analysis recently revealed that if Bitcoin does not surpass $7,316, it will remain in its downtrend.

Photo by Andi Whiskey on Unsplash

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