Bitcoin dropped in price today, having some investors freaking out. At the moment of writing this article, BTC is trading in the red and the king coin is priced at $49,423.74.
A lot of weak hands have been shaken off the market but diehard crypto fans are now buying the dip.
Here’s what Scott Melker had to say about the state of the market.
My opinion is that the bottom is in or very close. We have confirmed bullish divergence with oversold RSI on the 4 and 6 hour charts.
I would like to see one more drop for RSI to hit oversold on the daily, but may not happen.
Either way, up only soon.
— The Wolf Of All Streets (@scottmelker) April 23, 2021
A follower said: ‘Some people say today it will depend on Todays investors how they decide as many options ll expire today. Tomorrow will we see definately where it will go. Hoping for the best.’
Someone else posted this: ‘Honestly. I don’t think anyone knows how to call it lately. It doesn’t do anything that people I follow say it’s going to do. All I know and care about at this point is I’m not selling either way it goes.’
The bullish market trend is still here
While more analysts have already noted that the crypto market is shaking off the weak hands, the strong ones keep holding and they are obviously buying the dip these days.
Popular crypto analyst Dave the Wave has some interesting issues to point out.
The Good, the Bad, and the Ugly [using a time fib].
Bad if you bought the top, an Ugly correction… from those heights, and the Good being the trend of a secular bull market would still remain intact. pic.twitter.com/nOBp8Tbmqc
— dave the wave🌊 (@davthewave) April 23, 2021
The feedback that the analyst received is pretty optimistic and positive as you will see in the comments.