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Crypto Lovers, Bitcoin Is Currently Oversold

Despite low volatility in recent times, there may be few huge profitable chances. To take a look at Bitcoin, the year 2018 favoured sellers. In 2018, $BTCUSD started at 13228 level and closed at 3665.33. There were several speculations from few experts that Bitcoin will continue the uptrend as in 2017 but it went all the way down in 2018. The highest point Bitcoin reached in 2018 was 17165 which was in January and the lowest in December at 3172.28. Many investors have lost interest due to the uncertainties of $BTCUSD thereby reducing demand. Due to the lower volatility, investors might not necessarily trade $BTCUSD for the long term.

Bitcoin 4-hour chart

The first major bullish movement in the year might start soon if more buyers come into the market. RSI on the 4hr chart shows an oversold region for the past 5 trading days. Price is yet to cross to the upper part of the Bollinger bands but deliberate efforts of $BTCUSD buyers could push price to 4092 from its current 3564.

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