The cryptocurrency is taking a beating and reached its lowest level since 30,331 July 2021. The pair is likely to recover some ground in the short term, but we do not know for sure when this could happen; we have seen Bitcoin take some big dives that last longer than the market expected.
The Bollinger bands are wide, and volatility is likely to be extremely high in the next few sessions; as the pair continues plunging, the pair trades way below the lower band, suggesting that the price is relatively low, which could incentivize crypto enthusiasts and speculators to buy at a low price.
The relative strength index is at 25%, which is oversold, we have seen Bitcoin stay oversold for many days before it starts a recovery, so it will be hard to try to predict as its price fluctuation is based merely on supply and demand. Our parabolic SAR indicator suggests that the price will continue to fall in the next few sessions. We don't know how low the dip will go, but many will be seeing this as a trading opportunity.
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