CryptoCon：The data suggests that the Bitcoin correction is not yet over
Bitcoin is making a small rebound from its drop to $38,500, to now $42,000.
But some people may be jumping the gun to say the bottom is in.
With 12 other examples, the weekly RSI is due to head to the orange .382 support zone, with prices in the low 30k's.
The most common argument to say the local low is in is our 20% decline which lines up with other 20% declines in 2023.
What they don't mention, is that our move is up almost 100%, compared to the 60% moves that came before 20% drops.
This is by far the largest single rise we have seen this cycle.
Data was accurate to tell us when price was overheated, and I am sure it will do the same to tell us when it is undervalued again.
We're just not quite there yet.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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