46 days ago • Posted by Paul de La Baume

Bitcoin caught off-guard in the risk-off trade with wild swings.

Bitcoin fell from ~USD67,800 on 12 November to now sitting at USD47,500 (drawdown of approx. 30%!) Investors sold risky assets across the board in a rush to raise cash. Bitcoin, this time around, did not play its role as a hedge. Extreme risk-aversion and lower prices triggered more selling. Technical analysis snapshot: According to Relative Strength Index (RSI, 14 days) Bitcoin/USD is slightly oversold, hitting an RSI level of 30. There is support with Bitcoin still above its 200-day moving average. A rebound would confirm resumption of upward channel.

#Technical Analysis