A shorter time analysis also has similar confirmations:
Another reason to hold out from purchasing is that in the real bitcoin trading world where actual transactions are occurring, I have experienced very slow transaction times of ten to twenty hours. There is very high congestion on the bitcoin network. Others have reported delays of over a day. This has to do with the computational calculation speed. The time it takes for all the computers and bitcoin computational mining power to process the transactions. There are rumours that with China worried about capital flight into unregulated, uncontrolled areas, therefore are actually controlling the computational power of the bitcoin miners. At the moment the one Achilles heel of the bitcoin blockchain is that anyone controlling more than 51% of the blockchain can manipulate it. There are rumours that this is happening now, in a gentle manner, in attempts to clamp down on capital flight from the Chinese currencies ( USDCNH ) into the unregulated financial markets, such as Bitcoin , by turning down the dial on computational access. A previous analysis comparing the two currencies highlights unusual movements:
However, the major trend is still in a strong upwards momentum. Prices may continue to rise from this point, so smaller trades with larger stop losses can still be made. Once price reaches the potential buying area (square box) then better entries can be made. The preference and recommendation is to wait for the to reach much lower oversold levels then look again for buying opportunities to enter the market, so to wait for now.
When the actual Bitcoin processing time also falls to more reasonable levels, this too will indicate selling pressure has lessened.