IS BTC REVERTING DOWN TO ITS MEAN?
BTC, 1 Day: Filling out the upper end of its linear range and now within the 1SD range off the mean. It’s quite possible we see a dip down to the linear mean (LM) given the 0.89 Pearson score and the strong tendency for price to centralize around the mean @16534.85.
1 Day RSI is approaching oversold but has some downside room to give if further spillage were to continue. Its important to remember that an RSI can remain in an overbought/oversold position for some time before reversing trend. Our MACD is currently showing no signs of crossing over to positive with wide downside divergence at the mouth leaving the bulls with alot of wood to chop if they want to turn things around from a moving average standpoint.
Given the above conditions, a reversion to the LM would not be surprising and at a minimum I would expect us to see sub 19000 levels by the end of the weekend. (Not financial advice.)
1 Day RSI is approaching oversold but has some downside room to give if further spillage were to continue. Its important to remember that an RSI can remain in an overbought/oversold position for some time before reversing trend. Our MACD is currently showing no signs of crossing over to positive with wide downside divergence at the mouth leaving the bulls with alot of wood to chop if they want to turn things around from a moving average standpoint.
Given the above conditions, a reversion to the LM would not be surprising and at a minimum I would expect us to see sub 19000 levels by the end of the weekend. (Not financial advice.)
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