Bitcoin (BTC) is currently trading at $4153 at the time of this writing after plunging down from above $6200 in mid-November. Is there further downside ahead, or have we hit the bottom?
The latter is highly unlikely.

Stochastic RSI
The daily Stochastic Relative Strength Index is currently hanging out in overbought territory and appears set to begin a bearish cross — suggesting selling pressure will increase in the near future. How strong this pressure will be remains to be seen, but there is little reason to be bullish in the current market conditions.

RSI
The daily RSI for Bitcoin (BTC) has dipped lower than at any point in the first and foremost cryptocurrency’s history. After such a sharp decline, it is only reasonable that the indicator would correct. However, we are not taking this as a bullish sign. Rather, it is more likely that the RSI will meet resistance at the 36.0000 level or higher. [bctt tweet=”Either way, we feel there is still more downside for Bitcoin (BTC) in the near-to-medium term.” username=”beincrypto”]
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

Dani P
Dani Polo is the Head of SEO at BeInCrypto.com. For over seven years, Daniel provided SEO for companies ranging from small businesses all the way up to Fortune 500 corporations. He is heavily focused on Fintech and Finance sector.
Daniel earned his Bachelor of Science in Computer Science from Universitat Politècnica de Catalunya. He also has certifications from YCombinator Startup School, SEMRush and Hubspot. He’s currently focused on machine learning and artificial intelligence.
Dani Polo is the Head of SEO at BeInCrypto.com. For over seven years, Daniel provided SEO for companies ranging from small businesses all the way up to Fortune 500 corporations. He is heavily focused on Fintech and Finance sector.
Daniel earned his Bachelor of Science in Computer Science from Universitat Politècnica de Catalunya. He also has certifications from YCombinator Startup School, SEMRush and Hubspot. He’s currently focused on machine learning and artificial intelligence.
READ FULL BIO
Sponsored
Sponsored