Bitcoin Vastly Oversold?
Bitcoin ‘Vastly Oversold,’ Technical Signs Show BTC Poised to Begin New Rally: Bloomberg
Bitcoin may be gearing up for a new rally after suffering through one of its worst months of 2019.
After retreating to support levels last seen in May, the king of crypto is now “vastly oversold,” according to analysts at Bloomberg.
The report points to BTC’s 14-day Relative Strength Index, which is now firmly in oversold territory.
The RSI, or relative strength index, measures the pace of price movements for a given asset. The RSI is typically considered overbought above 70 and oversold when under 30. It is currently at 25.