The oversold bounce is a commonly occurring phase in the security. An oversold bounce is typically a counter trend rally as price corrects itself into the decline. The oversold bounce occurs during the selloff period when it is too severe. Sometimes, the oversold bounce is referred to as a dead cat bounce.
Prices intermittently bounce after a sharp selloff only to resume a new wave of selling with the bounce failing to be anything meaningful.
A dead cat bounce can occur for several reasons. The most common being that it is a result of weak long positions or buyers coming into the market. However, the failure to push the price of the security any higher often leads to the buyers capitulating and eventually the selloff resumes or at times worsens.
Oversold levels in an uptrend is ideal to buy the dips as price falls and corrects itself in the uptrend.
I think it's time to take advantage of oversold condition and convert fiat to cryptos specially to steem .