People are catching falling knives instead of using simple moving average indicators. The 4 hour oversold level on RSI has been a reliable indicator of bottoms in recent bull corrections, but, obviously, it's not fool proof. As soon as people pile in on the short side with leverage, we're likely to see a bounce. Sometimes the best position is to not have one.
Note
Things are looking better at this point, with our expected bounce .. Now watching for a higher low and indication of a trend change.
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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.