BTC/USD - SHORT
Price action is very similar to the middle of March 2018. As we declined from 8.5k down to 8.2k we created the same bullish divergence with the RSI as you can see with the yellow lines. Similar pattern on current day.
The RSI itself when we bounced on March 15 from 7.8k->8.5K was 50 on the 4HR. We are currently at 50RSI on the 4HR and we bounced from 7.9k->8.5K. The RSI then dived down to 30 and made a low of 7.3K.
If we fall here from 8.4-8.5k high we can fall down to 7-7.3K which is right near the bottom of the giant triangle we've been forming since January.
Look back at the end of march. We then bounced to 9.1K which happens to be the upper resistance of the January formed triangle. If we reach there, we will see if we reject or breakout.
The RSI itself when we bounced on March 15 from 7.8k->8.5K was 50 on the 4HR. We are currently at 50RSI on the 4HR and we bounced from 7.9k->8.5K. The RSI then dived down to 30 and made a low of 7.3K.
If we fall here from 8.4-8.5k high we can fall down to 7-7.3K which is right near the bottom of the giant triangle we've been forming since January.
Look back at the end of march. We then bounced to 9.1K which happens to be the upper resistance of the January formed triangle. If we reach there, we will see if we reject or breakout.
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