Bitcoin plunged to the lowest level since August earlier today, but a bottom might be in sight
McDonald believes that the flagship cryptocurrency will be in the buy zone when the XBT/XAU ratio will reach 15 ounces., the relative strength indicator is also flashing oversold conditions on Bitcoin’s weekly chart now that it has dipped below 40.Galaxy Digital CEO Mike Novogratz recently tweeted that cryptocurrencies would remain under pressure since they keep trading in tandem with the U.S. equities market. The correlation between the Nasdaq and Bitcoin recently hit yet another all-time high.
Trader Josh Olszewicz has tweeted that Bitcoin has entered a weekly Ichimoku cloud for the first time since the start of the pandemic, which he views as a troubling sign for bulls.2) active H&S potentially playing out, measures to S1 yearly pivot @ $26k
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