EXTREME OVERSOLD
Stochastic %D intersecting with %K at a -65.96 after being embedded oversold for over 2 weeks is definitely what I call extreme oversold. Combine that with an embedded oversold average below -80 on the Williams %R for the same period, and we’ve got strong confirmation. The MACD trending down while the Histogram is moving up, signals that sellers should exercise caution, and the Money Flow index confirms by indicating buying interest. Extremes like this are what contrarian traders are constantly looking for, and that’s what we’ve got right now on BTS.
Those conditions are not unique to BTS. Another issue I follow (and currently own) is SYS. The chart looks almost like an exact replica of BTS. Need I say that I think this is an excellent buying opportunity as well?
What happens when these conditions reverse? It’s often like a pressure cooker when released. NLG is a current example that is leading right now. The prior conditions and current upturn are evident. Worth following, and still a bargain. I own it. 😎
Anyone who is looking to add to their portfolio should be thinking very seriously about doing some buying right now. And so what if BTC might go lower? This is a market of hundreds of crypto instruments and surely they’re not all going to follow BTC lockstep, are they?
Bitshares could be a 10x return on a 6 month horizon; I am buying the dip.
Really good post , Upvoted and Resteemed !
Thanks. Glad to know you liked it!