BTCUSD is testing a big RSI trend line currently. Will it turn downwards again or will it break through?
Note
Testing the upper trend line right now (Leg 4). It is above the RSI trend line but it could fall back the next hours. The 4h-chart gives us a bit more bullish picture at the moment. The break-out was a good long entry after the divergence appeared earlier on.
In other words it might be imponert to check more than one chart at the time. Especially on Crypto (very sensitive).
Note
I've moved the parallel lines a bit (Leg 4 fits perfect in this way). Next, I look after signs that indicates change of direction:
Divergence, Descending trend line on RSI, 200MA (as support) or Fib levels.
Although, It could take some time before that kind of sign might appear.
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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.