BTCUSD Daily RSI is showing bearish divergence and has dropped to 20. Historically, daily RSI dropping below 20 has been a highly reliable short signal. The last 5 times daily RSI broke below 20 price drops ranging from $1091 (10.46%) to $5069 (56.78%) followed.More cautious traders can wait for confirmation with downward break of the lower pennant trend line that has formed on the daily. The downward breakout should be coupled with continued decreasing daily volume and RSI flooring at zero.
Look for a target of 8533.98, down 10.66% from today's open.
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Not investment advice. Historical performance is not always indicative of future performance. This is one of several bearish and bullish scenarios to consider
Note
Wicked through lower pennant trend line. Retesting now.Note
This could playout like this. s3.amazonaws.com/tradingview/snapshots/t/TuG39FPd.pngNote
Progressed to 7.71% down with the latest move with a dead cat recoiling to the.382 fib . Target of 8533.98 is still in play.
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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.
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.