Bitcoin Price Dipped, Why?

in #steemitdailey5 years ago (edited)

Bitcoin following normal patterns, as you can see Bitcoin was very overbought and has had a healthy correction.

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Looking at the RSI you can see we went well above the overbought line which usually means we will correct down soon. I have said this many times throughout my Steemit Blogging career that the RSI is the best indicator on what direction the market will be going in the short term. Bull runs happen and the price spikes up, when the RSI indicates overbought usually you will see it correct down, the price action cools off then the run continues.

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I am not a financial advisory and this is not financial advice, invest at your own risk.

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Hi @embomb701,
What's up?
That's really good & I hope it will bounce back soon. But I am not happy with Steem's performance right now :-(

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Steem and all of the alt coins are under performing due to Bitcoins price action in my opinion. I believe that as Bitcoin continues its price gains we will see the alt coins all make back ground at an exaggerated pace, easily outpacing Bitcoin.

I hope so and I am sure Steem will so a good movement in the future.
Thank You My friend @embomb701 :-)

Well there is no way to know for sure, but in my opinion many of the cryptos will bounce back hard.

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