The cryptocurrency market has witnessed another wave of sales. The leading cryptocurrency Bitcoin slid below the critical $26,000 level. Leading altcoin Ethereum lost the $1,700 level. Macro guru Raoul Pal updates his perspective on Bitcoin and the leading altcoin Ethereum.
Bitcoin is in oversold territory, showing bullish sign!
Former Goldman Sachs executive Raoul Pal predicts that the stock market will soon form a bottom after witnessing three weeks of corrective action. Pal then looks at the crypto market. The famous economist is on Bitcoin after the leading crypto currency fell with stocks last week. Pal says that the DeMark sequential indicator and the relative strength index (RSI) indicate that Bitcoin will soon be bullish. In this context, the economist explains:
Bitcoin has also fallen throughout the week, retesting key support levels around $25,200. We triggered a new DeMark daily 9 install today. These have worked well in the past in signaling a reversal in price. Also, with the current RSI of 20 (yes, 20!), BTC is at the most oversold level since June last year.
Source: Raoul Pal / The Global Macro InvestorRSI is a widely used momentum indicator that aims to determine whether an asset is overbought or oversold. The DeMark sequential indicator aims to identify turning points in a market with its nine values indicating a possible trend reversal. Bitcoin was trading at $26,125, down 0.3% in the last 24 hours. Also, the leading kipto lost more than 10% on a weekly basis.
The leading altcoin has created a huge bull flag formation!
As you follow on Kriptokoin.com, Ethereum is also seeing losses parallel to BTC. After revealing his prospects for Bitcoin, Raoul Pal moves on to the leading altcoin Erhereum (ETH). The famous economist says that the smart contract platform Ethereum is bullish on the RSI indicator. Pal explains his views on this subject as follows:
ETH is also in the most oversold condition in terms of RSI since June last year. It also appears to have formed (if anything) a massive bull flag formation (bullish).
Source: Raoul Pal / The Global Macro InvestorA bull flag is a technical pattern that indicates that an asset is in the middle of consolidation before resuming an uptrend. Meanwhile, Ethereum was trading at $1,634 at the time of writing, down 1.99% in the last 24 hours. In addition, the leading altcoin also lost more than 10% on a weekly basis. We will wait and see what route it will follow with Bitcoin from now on.
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