{"id":468517,"date":"2021-08-02T17:00:50","date_gmt":"2021-08-02T17:00:50","guid":{"rendered":"https:\/\/uniquehot.com\/?p=468517"},"modified":"2024-06-11T11:32:03","modified_gmt":"2024-06-11T11:32:03","slug":"bitcoin-is-more-oversold-says-analyst","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-is-more-oversold-says-analyst\/","title":{"rendered":"Bitcoin Is More Oversold Than It Was At ATH In April, Says Analyst"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">Bitcoin has continued to show tremendous gains lately in the market. The weekend saw the price of the digital asset shooting up above $42,000 for the first time in over a month, seeing continuous green daily closes for nine days straight for the first time in ten years.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Following this has been a number of speculations on why this is happening. And more importantly, how this trend is most likely to end. The indicators continue to point towards bullish but with the price fluctuations that bitcoin is notorious for, there is no telling how exactly the current uptrend will end.<\/span><\/p>\n<p><em><strong>Related Reading |\u00a0<a href=\"https:\/\/uniquehot.com\/analysis\/btc\/8-green-candles-in-bitcoin\/\">8 Green Candles: Here\u2019s What Happened The Last Time In Bitcoin<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">Talking on this was Matt Maley, a chief market strategist at Miller Tabak &amp; Co., who was on MarketWatch\u2019s call of the day. Maley explained his reasoning behind what he believes was needed for the current gains in the market to stick as prices rally.<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Don\u2019t Get Too Excited<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">Maley started out with some advice for investors, who he tells to gauge the action of the prices during the normal market hours. Alluding to the fact that the recent bitcoin price rallies have been happening during off-market hours, which are weekends, nights, and early mornings. He attributes this advice to the markets being much thinner, with lower volumes, during off-market hours. Thus, it is imperative that the movement of the digital asset be observed during normal trading hours to see how the price moves.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading |\u00a0<a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/brian-kelly-bullish-on-bitcoin\/\">Fast Money\u2019s Brian Kelly Remains Bullish On Bitcoin, Here\u2019s Why<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">Maley warned to not get too excited about the recent price increases. Waiting to see what the market does continues to be Maley\u2019s advice to clients with regards to the weekend price rallies that have been experienced in the market. <\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">\u201cThe markets are much \u2018thinner\u2019\u2026and the volumes are much lower\u2026on the weekends,\u201d Maley said. \u201cSo we\u2019ll want to see [if] bitcoin can remain above $40k once we get into next week before we get too excited.\u201d<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/JIfIJvG9\/\" alt=\"Bitcoin price chart from TradingView.com\" width=\"1348\" height=\"705\"><\/p>\n<pre style=\"text-align: center\">BTC price dips following weekend rally | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/UG2tjOD6\/\" rel=\"nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p class=\"p1\"><span class=\"s1\">Maley continues to want to wait to see how the price holds up this week before anything else. His target is now the 200-daily moving average (DMA), and that stands at $44,600. Opining that the DMA had gotten close to that level since the rise and falls since May, twice. But had rolled over both times before hitting it. \u201c<\/span><span class=\"s2\">Therefore, it could\/should provide some resistance upon any further rally in early August,\u201d said Maley.<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Bitcoin Is Oversold<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">Maley pointed out that the digital asset now looks overbought on the current short-term basis. This is based on the Relative Strength Index of the asset, an oscillating indicator used to track the magnitude of recent losses in relation to recent gains.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading |\u00a0<a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-to-reach-new-all-time-highs\/\">Bitcoin To Reach New All-Time Highs, Market Strategist<\/a><\/strong><\/em><\/p>\n<p class=\"p4\"><span class=\"s3\">Talking about bitcoin being oversold, Maley said, \u201c<\/span><span class=\"s1\">Don\u2019t get us wrong, it got much more overbought before it rolled over in January and February \u2026 and in November of last year.\u201d Continuing on, Maley added, \u201cHowever, it is more overbought than it was at the all-time high in April, so investors and traders alike will have a lot more confidence if this weekend\u2019s move holds into the middle of next week.\u201d<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The price of bitcoin has continued to show strong bullish indicators following the recent dip in the price. But if Maley is correct in his analysis and bitcoin is overbought, then the market might continue to see further dips in the price of the digital asset.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading |\u00a0<a href=\"https:\/\/uniquehot.com\/analysis\/btc\/wave-up-for-altcoins-is-probable\/\">Why Another Wave Up For Altcoins Is Probable According To BTC Dominance<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">This could push the price of bitcoin down past $35,000 as the price finds a comfortable correction point following the rally. As of the time of this writing, bitcoin is currently trending up slowly following the dip in the early hours of Monday, trading at $39,443 according to <a href=\"https:\/\/www.tradingview.com\/chart\/UG2tjOD6\/\" rel=\"nofollow\">TradingView.com<\/a>.<\/span><\/p>\n<pre style=\"text-align: center\">Featured image from CoinDesk, chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin has continued to show tremendous gains lately in the market. The weekend saw the price of the digital asset shooting up above $42,000 for the first time in over a month, seeing continuous green daily closes for nine days straight for the first time in ten years. Following this has been a number of speculations on why this is happening. And more importantly, how this trend is most likely to end. The indicators continue to point towards bullish but with the price fluctuations that bitcoin is notorious for, there is no telling how exactly the current uptrend will end. Related Reading |\u00a08 Green Candles: Here\u2019s What Happened The Last Time In Bitcoin Talking on this was Matt Maley, a chief market strategist at Miller Tabak &amp; Co., who was on MarketWatch\u2019s call of the day. Maley explained his reasoning behind what he believes was needed for the current gains in the market to stick as prices rally. Don\u2019t Get Too Excited Maley started out with some advice for investors, who he tells to gauge the action of the prices during the normal market hours. Alluding to the fact that the recent bitcoin price rallies have been happening during off-market hours, which are weekends, nights, and early mornings. He attributes this advice to the markets being much thinner, with lower volumes, during off-market hours. Thus, it is imperative that the movement of the digital asset be observed during normal trading hours to see how the price moves. Related Reading |\u00a0Fast Money\u2019s Brian Kelly Remains Bullish On Bitcoin, Here\u2019s Why Maley warned to not get too excited about the recent price increases. Waiting to see what the market does continues to be Maley\u2019s advice to clients with regards to the weekend price rallies that have been experienced in the market. \u201cThe markets are much \u2018thinner\u2019\u2026and the volumes are much lower\u2026on the weekends,\u201d Maley said. \u201cSo we\u2019ll want to see [if] bitcoin can remain above $40k once we get into next week before we get too excited.\u201d BTC price dips following weekend rally | Source: BTCUSD on TradingView.com Maley continues to want to wait to see how the price holds up this week before anything else. His target is now the 200-daily moving average (DMA), and that stands at $44,600. Opining that the DMA had gotten close to that level since the rise and falls since May, twice. But had rolled over both times before hitting it. \u201cTherefore, it could\/should provide some resistance upon any further rally in early August,\u201d said Maley. Bitcoin Is Oversold Maley pointed out that the digital asset now looks overbought on the current short-term basis. This is based on the Relative Strength Index of the asset, an oscillating indicator used to track the magnitude of recent losses in relation to recent gains. Related Reading |\u00a0Bitcoin To Reach New All-Time Highs, Market Strategist Talking about bitcoin being oversold, Maley said, \u201cDon\u2019t get us wrong, it got much more overbought before it rolled over in January and February \u2026 and in November of last year.\u201d Continuing on, Maley added, \u201cHowever, it is more overbought than it was at the all-time high in April, so investors and traders alike will have a lot more confidence if this weekend\u2019s move holds into the middle of next week.\u201d The price of bitcoin has continued to show strong bullish indicators following the recent dip in the price. But if Maley is correct in his analysis and bitcoin is overbought, then the market might continue to see further dips in the price of the digital asset. Related Reading |\u00a0Why Another Wave Up For Altcoins Is Probable According To BTC Dominance This could push the price of bitcoin down past $35,000 as the price finds a comfortable correction point following the rally. As of the time of this writing, bitcoin is currently trending up slowly following the dip in the early hours of Monday, trading at $39,443 according to TradingView.com. Featured image from CoinDesk, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":468518,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[166,428,1119,1144,78790,83933,83949],"class_list":["post-468517","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-analysis-2","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-market-strategist","tag-matt-maley"],"acf":[],"yoast_head":"\n<title>Bitcoin Is More Oversold Than It Was At ATH In April, Says Analyst<\/title>\n<meta name=\"description\" content=\"Bitcoin has continued to show tremendous gains lately in the market. 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