Bitcoin is suffering massive downwards pressure and is currently at the bottom support of the channel formation since 13k, I would like to take a look at the stochastic RSI since it has been in this pennant formation for quite a while, if this manages to break up, i would expect massive upwards movement but also, if it breaks down wich i do not expect since it has been very low on the 4hr as on the daily, it would mean another move downwards . Also the daily stochastic is currently up!
The RSI is very low on the 4 hr wich means we are currently oversold and that is also a thing to keep in mind.
Also if this would play out today, and we can come back above 7400, this would be my ultimate buy signal since we would have come down, tested support, bounced back up and closed ABOVE the latest low of 7300, this would end up with bullish divergence on the daily and i would expect a rally from here.
Ofcouese this is all a possibility but i would like to see what you people think about this and i hope u read all this text lol!
GOOD LUCK TRADING!
The RSI is very low on the 4 hr wich means we are currently oversold and that is also a thing to keep in mind.
Also if this would play out today, and we can come back above 7400, this would be my ultimate buy signal since we would have come down, tested support, bounced back up and closed ABOVE the latest low of 7300, this would end up with bullish divergence on the daily and i would expect a rally from here.
Ofcouese this is all a possibility but i would like to see what you people think about this and i hope u read all this text lol!
GOOD LUCK TRADING!
Note
tradingview.com/chart/0Gui8FOP/here is the link to the chart if u would like to see! :)
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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.