The weekly stoch RSI is once again above 80, which has historically triggered significant losses of 15-18% dating back to 2013. This was even true in 2014/15 when the RSI had comparable oversold levels to today. Assuming BTC is unable to break the RSI trendline, which I doubt given the low volume, I'm expecting to see 18-20% losses that will take us back to the $3,300 range. A break at this support level would take us to prior support at ~$2,600.
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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.