Yesterday we saw the most fear & panic on the timeline & got the most oversold in nearly a year!

I heard 57000 #Bitcoin was sold (Equivalent of the entire Mt.Gox FUD) & yet the price couldn't break the range lows

Here is an example of what happened each time the market got this oversold/overbought inside of a larger trend (Do not fade D1 RSI, broader context is needed though)

I did expect the dip from 71.5K #BTC as per what I shared in the past weeks, although it dipped deeper than I expected in a miner capitulation event

And yet it did not break the HTF structure so far. Until it does we need to remain HTF bullish, although LTF strength from here is needed. If we fail to regain levels on LTF, then a 53K retest would be next

Historically however as oversold levels as this meant turnaround for the market, although the market can stay this way for a few days. Again to what I said, I need to see the price reclaiming 65K in order to feel comfy that the bottom is in. So far it is just a liquidation bounce

As I said many times I wouldn't be euphoric until range high is flipped or wouldn't panic until range low is broken. We left some juice liquidity at range highs and the market will be going for it sooner or later
#Bitcoin