Historically, when RSI is oversold on the Daily and Weekly charts, expect a bounce to the upside. In conjunction with THIS oversold condition, the 233 EMA (yellow line) has acted as great support for bulls, especially at the end of 2018 Bear market and beginning of 2019 Bull run to 14K. It's important to note where the 233EMA is located also mirrors that of the multi year bull trend line, established back in 2015. Essentially, if we are not bullish before these levels, expect a lower retest of the 233EMA when RSI is oversold on this weekly chart.
Note: Not trading or investment advice. Entertainment ONLY!
Note: Not trading or investment advice. Entertainment ONLY!
Note
For Posterity sake, Scam Wick 101 Pre Scam Wick
Post Scam Wick
Trade active
Watching to see if we get a bull run or if this is an ABC>Trade closed: target reached
Wow! Price zone for the bullseye target was correct, however I was slightly off on timing the event. Still pleased this one played out as expected. Congrats to anyone who caught the dip in 3K region.
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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.