Mid-Term Update: Breakdown Imminent
The price is currently 374.26 USD/BTC on Bitstamp. The dump two days ago caused the RSI to drop another level but yesterday's recovery took it just just high enough to give the impression of a sound recovery. Again, today is critical. Momentum is right at the top of its converging channel and RSI is leaning on that already broken support. Unless there's a breakout to the upside soon and we break that red resistance (unlikely), that purple support is going to get a retest and likely be broken, possibly sooner than indicated by the forecast. I'm going to be busy over the next couple of days so take a copy of this chart if you're interested in monitoring those indicators.
Related publications
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.