A technical analysis oscillator following an oversold or overbought of an asset, Williams% R shows that a hard oversold cloud is now roaming around Bitcoin.
Bitcoin's Williams Percent Range (WPR) rate is now around 83%, according to Oliver Kharif, of Bloomberg. According to the WPR index - between 80% and -100%, entering the oversold category, while - 0% - up to 20% is entering the overbought field.
Analysts believe that Bitcoin's oversold position by the WPR could bring a short-term upward trend in the future, and that Bitcoin could exceed a solid resistance line of $ 6,900.
Since February, Bitcoin has consistently jumped over the $ 6,000 line and even broke a new record in the last month before it fell again to $ 6,000. The same trend has begun to emerge in the markets over the past two weeks, and many experts believe that a strong uptrend will begin soon.
In August, Bitcoin scored such a stable picture for the first time since June of your passing, and managed to stay between $ 6,000 and $ 6,500. About 15 months after that, on September 15, the price of Bitcoin is still around $ 6,500
To start a solid rally after an entity has corrected 80% of its life, it is necessary to stabilize and then hit a rock bottom.
In the past days, famous billionaire Michael Novogratz said that Bitcoin's bottoming process was complete and that the rise would begin. Let's see what happens next.
