Confluence Test for this Week's CandleCOINBASE:BTCUSD
Right now, we are currently testing a $17,000 - $19,000 weekly candle support on $BTCUSD, while the 14 week RSI oscillator is oversold (<30). I'm hoping that by the close of the weekly candle, the RSI and candle for this week will either:
Ex1. Close above the $17-19K support zone AND above 30 RSI or,
Ex2. Close below the $17-19K Support zone AND below 30 RSI.
This will give us confluence in determining if we continue to go to lower in price (Ex 2.) or HOLD $17-19K as weekly support.( Ex 1.) If the RSI and price candle do not close both above OR both below their respective levels, it is still ambiguous if this $17-19K weekly level will act as support or transition to resistance.
I will be on the lookout for this coming Sunday night weekly candle close.
***DISCLAIMER: NOT INVESTMENT ADVICE***
