What's your next level of support on the BTC chart? Guggenheim's chief investment Officer has one at $8K.
It should be noted that Mr. Minerd, if inferred from previous comments, is a Bitcoin bull and has a long forecast for the biggest digital asset in the six-figure range. However, if traders and investors used his comments as a sentiment indicator for a market low, then other confirmatory data must be used.The weekly and monthly RSI and composite index show that extremes have been met. These extremes do not predict or guarantee a reversal.
Another major development with Bitcon’s oscillators is the regular bullish divergence between the monthly RSI and the monthly composite index. The composite index, created by Connie Brown, essentially is the RSI with a momentum calculation — it catches moves that the RSI cannot. Economists and Wall Street continued to sound off worries about growth. After Target’s dismal quarterly report last week, all eyes are on other big-name retailers announcing earnings on May 26: Macy’s , Dollar Tree and Dollar General are all on deck May 26.
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