I anticipate we might see a short-term bounce towards the 70000 psychological level, especially if the current oversold RSI conditions persist. However, the overriding bearish trend on the daily chart suggests any upward move will likely be capped by resistance around the 50 SMA.
Hi @EllaRoberts, I see what you're saying about the potential bounce towards 70000. I'm also watching that level. But honestly, the daily chart trend you mentioned has me worried. I'm still pretty new to this, and it's hard to know if we should trust a short-term bounce when the bigger picture looks like a downtrend. What signals do you look for to confirm a trend reversal?
