Some hopium for WO, though starting to think y'all don't need it anymore
After reaching similar oversold levels to January this year (~20), yesterday Bitcoin closed it's first Daily candle above oversold levels (<30) on the Relative Strength Index (RSI):
In January this led to a 35% increase in price from $35K to $48K in the months to follow, but in May this was only a dead cat bounce from $28K to $32K before further downside. The equivalent rebound in percentage terms, even if price is to go lower, would be $19K to ~$25K. Meanwhile, the Weekly RSI remains
considerably oversold after reaching lower levels ever seen and is currently 27.5.
For traders of the RSI, the "reliable trade" is to buy when price leaves oversold conditions, as opposed to when price enters oversold conditions (bad idea), as it price can remain oversold for a considerable amount of time (though stop losses for this trade aren't factored in). In this case price entered oversold conditions around $25K down to $17.5K, while breaking out of oversold territory at $21.1K.
Likewise with some bullish sentiment, the Daily MACD is close to a bull-cross. Though not a fan of this indicator as has as many fake-outs as confirmations:
The fact that price is so far away from moving averages should be the more relevant aspect here. For example -50% from the 3 Day 200 MA, similar to previous bear market bottoms, -45% from the 200 Day MA (after falling -55% below it), or falling 60% below the 50 Week MA. This is all very similar to previous bear market (and their bottoms), where price completely detaches itself from it's realistic averages.
I should point out though this Daily bullish hopium doesn't change that the Weekly remains oversold, and without leaving oversold conditions, price can only go lower.
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