Bitcoin falls below 60K! Dow Jones Industrial Average rises, Nvidia falls more than 6% to return to third in market value
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10x Research: Bitcoin M top form complete
Trader Ali: Low bottom has been reached
RSI is in oversold zone
MVRV ratio is -8.96%
Bitcoin continues to plummet, with the M top form (double top) emerging! According to the analysis of 10x Research, Bitcoin has fallen below its support level of 63,379, turning into an M top form (double top), which may lead to a larger decline. It is recommended that investors should sell first and wait for a lower price to buy in!
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Trader Ali Martinez holds the opposite opinion. According to technical analysis indicators RSI and MVRV, he points out that Bitcoin is already in an oversold pattern and believes that now is an excellent time to buy at the bottom.
According to backtesting, in the past two years, Bitcoin’s RSI has touched the oversold zone three times, leading to BTC prices soaring by 60%, 63%, and 198% respectively. And currently, RSI is once again in the oversold zone.
Note: RSI indicator (Relative Strength Index), also known as “relative strength index” in Chinese, can be used to judge the strength of buyers and sellers during a certain period. The RSI value ranges from 0 to 100, with higher values indicating a more active buyer’s market, and lower values indicating a quieter market.
Since February 2023, Bitcoin’s MVRV ratio has fallen below -8.40% four times, causing BTC prices to rise by 63%, 100%, 92%, and 28%. Currently, the Bitcoin price is below $60,000, and the MVRV ratio is -8.96%, which may be an ideal time to buy at the bottom!
Note: MVRV, short for Market Value to Realized Value, is used to measure the difference between the circulating market value (Market Value) and the realized market value (Realized Value) of Bitcoin, used to judge the market sentiment of Bitcoin.
(This article is not investment advice, please DYOR)
MVRV
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