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Bitcoin dips below $47K but one trader is eyeing 'solid risk/reward' for longing BTC now
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Bitcoin (BTC) added to its losses on Dec. 29 with a fresh tumble briefly taking BTC/USD below $46,600.
Data from Cointelegraph Markets Pro and TradingView showed the pair giving up ground prior to the Wall St. open to increase its 48-hour correction to 10.4%.
The latest move in a familiar pattern of behavior, the market showed that the range in which Bitcoin has acted in December remains very much in play.
As market participants resigned themselves to a lackluster end to the year, popular trader and analyst Scott Melker noticed a possible buying opportunity at current levels on short timeframes.
Bitcoin's relative strength index (RSI), in addition to other bullish signals, had entered "oversold" territory during the dip in what is a classic
Read more on cointelegraph.comAbout this in other media
Bitcoin dip below $40K follows Fed signal of a possible fourth rate hike in 2022 cointelegraph.com /2 years ago
Bitcoin dips below $40,000 as crypto slump deepens in the wake of risk-off shift spurred by hawkish Fed markets.businessinsider.com /2 years ago
Bitcoin slides below $40,000 to a 5-month low livemint.com /2 years ago
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