XBT Stochastic RSI Bottoming with Potential Reversal
The Stochastic RSI seems to be in a process of reversing towards upward movement on the 8Hr candle ending 2 hours ago. This may result in sideways trading as the upcoming 12 hour and daily candles may reflect this tendency to maintain the current price even as the RSI bottoms. The stochastic RSI of the daily candles is still well over 70 and has plenty of room for downward movement. To ascertain whether it will decrease watch the 12 hour candle. The descending blue line is the top bracket of a descending wedge from the 14K+ price last year. Breaking above that line will be a very strong indication of upwards price action and potential for the $9000 region to become strong support. After the upcoming 12 hour and daily candle keep an eye on the upcoming weekly candle closing green with upwards action of the RSI and LSMA.
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