Since June 16, we have experienced a strong downtrend, with significant rejections each time the price hit overbought areas on the 4-hour Stoch RSI. However, since the start of this week (July 5), the trend appears to be changing. Despite the RSI indicating overbought conditions, the price has been climbing steadily, showing strong gains when entering oversold areas. This new behavior suggests that we are beginning to form a daily uptrend with possible nice gains for early buyers
Note
Even with all this fear of dropping to 50k,it managed to put another Higher high in 4h chart, price is still climbing up above the previous high with an oversold Stoch RSI. This is a weekend pump so probably going nowhere but still it shows strong buying pressureNote
yeah as expected , we are seeing first pump in new daily uptrend, I will wait for indicators cool of from overbought areas and see where we land to check if it's continuation pattern or not
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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.