Last Time Bitcoin Technicals Looked This Oversold, A 80% Drop Ensued

Technicals Show Bitcoin Is Entering Precarious Territory According to “HiThrowaway”, Bitcoin (BTC) is looking like it is on the verge of a potential drawdown. In a recent tweet, the trader noted that the last three times the asset’s one-week chart looked as it does now, 82%, 85%, and 83% drops were seen. More specifically, the last times the Relative Strength Index (RSI), Money Flow Index (MFI), and the Network Value to Transactions Ratio (NVT) sat at current levels, BTC fell dramatically. He isn’t wrong. As seen in the charts below,…

Fundstrat: Bitcoin (BTC) Oversold, Needs To Breach $4,200 For Push Higher

Bitcoin Hasn’t Been This Oversold In Years As Bitcoin is seemingly teetering on the edge of an abyss, analysts have sought to discern how BTC is advancing from a technical analysis standpoint. Per a report from MarketWatch, which cited a research note from Fundstrat Global Advisors’ Robert Sluymer, the New York market outfit’s in-house chartist, BTC is currently at a key level. Sluymer, citing the Relative Strength Index (RSI) measure explained that, the cryptocurrency is currently nearly “historically oversold levels” from the one-week chart standpoint, and is in the midst of…

Binance Chief CZ: Bitcoin (BTC) Is Oversold, Crypto Still Growing

Bitcoin (BTC) Is Oversold  The most-anticipated crypto-centric event of early-2018, the Binance Blockchain Week in Bitcoin capital Singapore, has arrived, and this nascent community is buzzing. As the event is a Binance-led initiative, the upstart’s C-suiters and foremost executives have made appearances at the conference, coupled with the subsequent hackathon. While talks from Wei Zhou, Binance’s chief financial officer, and his peers were appreciated, Changpeng “CZ” Zhao himself sat down on the conference stage to give a keynote. And as normal, Zhao, one of the crypto sector’s golden children, did…

Bitcoin Price Defies Oversold Conditions to Hit 15-Month Low

Bitcoin (BTC) tumbled to 15-month lows earlier today, dashing hopes of a rally signaled by current extreme oversold conditions. The world’s largest cryptocurrency by market capitalization fell to $3,200 on Bitstamp at 00:15 UTC – the lowest level since September 2017. BTC was trapped in a five-day-long narrowing price range 24 hours ago and showed signs that it might break upwards with a strong move toward the crucial resistance at $3,633. These bullish expectations were based largely on a premise that the sellers are facing exhaustion, as indicated by the…

Bitcoin Oversold on Weekly Price Chart for First Time in Four Years

A key long-term bitcoin (BTC) price indicator is reporting oversold conditions for the first time in almost four years. The widely followed 14-week relative strength index (RSI), which oscillates between zero to 100, is currently seen at 29.80 – a level last seen in January 2015. An asset or a cryptocurrency is considered to be oversold if the RSI is holding below 30.00. On the other hand, an above-70 reading indicates overbought conditions. Essentially, the under-30 reading on the 14-week RSI indicates that the recent heavy selling from the highs…

Ethereum Recovers 15%, is it Demonstrating Oversold Conditions?

On December 8, within 15 minutes, the Ethereum price increased by more than 15 percent against the US dollar. Several traders expected Ethereum (ETH) to experience a short-term corrective rally after it dropped to a yearly low at around $82. A Local Bottom Prior to its price drop, a prominent technical analyst with an online alias “The Crypto Dog” said that Ethereum demonstrated a sign of a bottom and it could recover to a resistance level. “ETH double bottomed on the 30 minute chart while BTC made a new low. First sign…

Oversold Conditions Show Bitcoin Bottom

Twitter Facebook LinkedIn In the last 24 hours, the valuation of the crypto market increased from $137 billion to $140 billion after a minor recovery of around 2 percent. Both major cryptocurrencies and small market cap tokens have ended the day with relatively minor losses in the range of 1 to 3 percent. Is Bottom Near For Bitcoin? The volume of Bitcoin (BTC) has dropped from $5.5 billion back to $4 billion over the past several days, by more than 27 percent. Given that the value of BTC has not…

Various Technical Indicators are Showing Bitcoin is Severely Oversold

Williams %R, a technical analysis oscillator that demonstrates oversold or overbought conditions of an asset, is demonstrating highly oversold conditions for Bitcoin. As Olga Kharif at Bloomberg reported, the Williams Percent Range (WPR) of Bitcoin is hovering at around -83 percent. In WPR, -80 to -100 percent is considered oversold and -0 to -20 percent is oversold. Analysts state that the oversold condition of Bitcoin demonstrated by WPR could lead to a short-term corrective rally in the future, which may enable Bitcoin to break out of a major resistance level…