I know that title seems a bit backwards, but there are lower price supports I’d love to buy some more at.
Oversold and Overstretched
After the recent dump, which had an intraday low of 7,712 (on coinbase) price has rumbled around the past couple days and is now pushing lower.
Many people are looking for it to hit 7,500 and have buy orders in at that price. It very well could get there today or tomorrow, but if it does then price will be extremely stretched from the 10 period moving average.
If you look at the chart you can see the blue line for the 10 period moving average. See how far price is pulled away from it. The past two day bounce, as modest as it was began to let it catch up but with price moving down today things are getting extremely stretched again.
I would love a quick spike toward 7,500 as buying when things are overstretched is never a bad thing. Doesn’t mean price will bounce but I’d rather buy after intense selling as opposed to buying right before.