BTCUSD Daily Chart: Daily Cycle Low Forming
A daily cycle low is forming in BTCUSD; the average cycle length is around 18-20 bars for this instrument.
The weekly and monthly cycles are in strong down phases, however, meaning that any tradable bounce on the
daily chart will likely be short-lived. The 14-period RSI is also in bearish territory on the daily, weekly and monthly charts.
Next heavy support area is between 2900 to 3100. Do not try to catch this falling knife.
Bottom line: sell all rallies until the RSI(14) can make a pair of daily closes back above 50.
The weekly and monthly cycles are in strong down phases, however, meaning that any tradable bounce on the
daily chart will likely be short-lived. The 14-period RSI is also in bearish territory on the daily, weekly and monthly charts.
Next heavy support area is between 2900 to 3100. Do not try to catch this falling knife.
Bottom line: sell all rallies until the RSI(14) can make a pair of daily closes back above 50.
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