BTCUSD retracing
Pretty new to this, but I'm thinking the fib retracements in conjuction with the RSI are really clear that we're probably going to see some recovery today.
The amount of selling volume at the 38% retracement level leaving BTC oversold, leads immediately into strong buying power. I'd say we'll get back up to the 50% fib - perhaps higher. If I were buying at this low, I'd probably sell some at this level and hang on to some for the next fib level.
Drawing another fib from the recent high over the weekend and low just now looks like it confirms this.
Would love feedback!
The amount of selling volume at the 38% retracement level leaving BTC oversold, leads immediately into strong buying power. I'd say we'll get back up to the 50% fib - perhaps higher. If I were buying at this low, I'd probably sell some at this level and hang on to some for the next fib level.
Drawing another fib from the recent high over the weekend and low just now looks like it confirms this.
Would love feedback!
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