If you would look historically each time RSI hits 20 on the 4h chart we see a bounce playing out
I will be buying up some BTC here @ $7,500 to sell at about $7,850 as the target. Placing a stop here is very inconvenient so it's very risky :O
I will be buying up some BTC here @ $7,500 to sell at about $7,850 as the target. Placing a stop here is very inconvenient so it's very risky :O
Note
So far so goodNote
We had a nice wick to about $7,250 on Bitfinex, I still expect a higher bounce soon.Trade active
We are consolidating close to medium term support, I think the breakdown level is more favourable which will push BTC down to roughly $6,900
Trade active
We are approaching the bearish target mentioned ^above^. I'm expecting a short lived bounce because of this support @ $6,900. By the time it happens RSI should be very oversold.
Trade closed manually
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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.