BTC is currently at a critical juncture in the weekly time frame long term trend. Every time the stochiastic RSI has dropped to this level and consolidated it signaled and created a bottoming formation for long term buying. This is the best place for long term buyers and investors to buy since the last bottom in July. At the moment this is not a trader's market if you are considering long trades, although low leveraged long positions with stoplosses below $38k can be very profitable give the accuracy of the stochiastic RSI on the weekly.
The trend can take weeks to consolidate and bottom so trade with the weekly time frame in mind. Otherwise the greed and fear index is still at extreme fear which is a better time to go long than during greed or extreme greed. Everything aside this could be the early year buying opportunity, shakeout of retail longs who are overleeraged and euphoric, that could lead to the next leg up towards all time highs.
The trend can take weeks to consolidate and bottom so trade with the weekly time frame in mind. Otherwise the greed and fear index is still at extreme fear which is a better time to go long than during greed or extreme greed. Everything aside this could be the early year buying opportunity, shakeout of retail longs who are overleeraged and euphoric, that could lead to the next leg up towards all time highs.
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