BTC 12H RSI Lowest Since $3,000s
The BTC bears are getting all kinds of follow through after a clear multi week 12H downtrend. I had scaled into 2 positions yesterday which stopped out just below break even while I slept. From here I am comfortable enough with the oversold conditions that I am beginning to scale back in some BTC positions. First entry in the $7,000s with 2 more positions set under the current lows spaced by a couple hundred dollars in case things continue to get extreme. As soon as we cool off 4 hour RSI, I will drop those bids even lower. As always my goal will be able to scale out a bit of the position in profit to try and eventually have a break even stop.
Bears will be waiting for 12H RSI to cool off and for another lower high on the time frame for their entry. Our monthly higher low has not been set, and this just prolongs the length of time we will stay in a monthly equilibrium in my opinion. Weekly trend change needed for the monthly higher low to be set, anywhere between here and $3,200.
To remain protective, always remind yourself we can absolutely see another leg down.
Bears will be waiting for 12H RSI to cool off and for another lower high on the time frame for their entry. Our monthly higher low has not been set, and this just prolongs the length of time we will stay in a monthly equilibrium in my opinion. Weekly trend change needed for the monthly higher low to be set, anywhere between here and $3,200.
To remain protective, always remind yourself we can absolutely see another leg down.
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Checkout our full trading resources online chartguys.com
Improve your TA with our free ebooks chartguys.ac-page.com/lp-all-ebooks?utm_source=tradingview&utm_medium=social
Improve your TA with our free ebooks chartguys.ac-page.com/lp-all-ebooks?utm_source=tradingview&utm_medium=social
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.