Watch Out for This BTC Signal This Weekend: Crypto Analyst

February 11, 2023 at 01:06 PM GST 1 min read News

Bitcoin dropped from over $23,000 to less than $22,000 in a span of two days.
BTC is still treading above the $21,000 support given the oversold RSI.
However, the weekly chart reported a reversal candle which could end BTC’s temporary uptrend.

Rising crypto analyst Shardi B shared her analysis for Bitcoin (BTC) following the crypto’s sheer drop from $23,000 to less than $22,000 in just a couple of days.

$BTC

Have to be candid, not loving this look RN, we are treading support but those bottom candles keep getting invalidated and I think we are slowly grinding because RSI got pretty oversold and we are working our way back up by trading sideways….once we are not oversold, wham pic.twitter.com/OtElqaPfXA

— Don't follow Shardi B if you hate Crypto (@ShardiB2) February 11, 2023

According to her analysis, BTC is still securely supported at the $21,000 level. The Relative Strength Index (RSI), which determines market sentiment, reveals that BTC is currently undersold.

The trouble may however start once BTC has left the oversold zone. As per Shardi B, the timing is also critical because it is the weekend. Historically, weekends have not been friendly toward crypto assets.

Finally, there is the reversal candle printed in the weekly chart.

And finally, the weekly, with a Reversal candle printed

Not good if we cannot invalidate that reversal candle. While both previous times we have had a few weeks where we remained high or even went up a bit, we ultimately came down BIG

From 57.5k to 28.6k and 67.5 to 15.4k pic.twitter.com/syLYtRpxX6
— Don't follow Shardi B if you hate Crypto (@ShardiB2) February 11, 2023

As seen in the chart above, there is a possibility that BTC’s upward trend gained since the start of January 2023 may end. This sentiment appears to be aligning with some surveys in which many participants believe BTC will not cross $30,000 this year.

The recent crypto dip happened alongside Kraken bowing to the US Securities and Exchange Commission (SEC) via a $30 million settlement. As per SEC’s demand, Kraken is illegally operating its crypto staking program, a common feature among crypto exchanges.

At the time of writing, BTC is changing hands at $21,713.66, according to CoinGecko.

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