Oversold $BTC check MTF momentum reversal for long #Bitcoin
Over and over again oversold conditions, coupled with high short interest are followed by a great opportunity for a long entry into BTC.
Multiple Time Frame Momentum Strategy suggests that one should look for the momentum reversal to take place on multiple timeframes before entry.
I like to see the following timeframes in alignment for BTCUSD. When oversold and at support it tends to move fast:
We are now looking at horizontal support at $2950, and 200 week MA around $3000 as well. There should be a significant bounce off these levels in the near term. This may transpire the next time the 4-hour Stochastic RSI indicates a momentum reversal after oversold levels are measured.
Metcalf's Law suggests that BTC should be at $10000 within 6 months.
Multiple Time Frame Momentum Strategy suggests that one should look for the momentum reversal to take place on multiple timeframes before entry.
I like to see the following timeframes in alignment for BTCUSD. When oversold and at support it tends to move fast:
- 30 minute
- 1 hour
- Take larger position once the 4 hour is also in alignment
We are now looking at horizontal support at $2950, and 200 week MA around $3000 as well. There should be a significant bounce off these levels in the near term. This may transpire the next time the 4-hour Stochastic RSI indicates a momentum reversal after oversold levels are measured.
Metcalf's Law suggests that BTC should be at $10000 within 6 months.
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