There are some indicators that show that we have bottomed. I will go through them here.
1. We have RSI Bullish Divergence. RSI divergence is a powerful indicator that is seldom ignored. The length of the divergence here is longer than normal. The longer the bullish divergence is the more the price action will rise.
2. The 200 simple MA on this 8 hour time frame has held as support. Price can react with greater volatility around 200 simple MAs. It may act as sort of a trampoline.
3. The price action closed below the lower bollinger band, this is a sign that price is over extended and needs to go the opposite direction.
4. The 8 hour golden pocket (.618 fibonnaci) acted as support. Often times, price action loves to test golden pockets and then bounce off of them because bots are programmed to buy at these levels which adds buying pressure into the market.
5. The price action is still in a falling wedge, which, statistically break bullish 68% of the time.
1. We have RSI Bullish Divergence. RSI divergence is a powerful indicator that is seldom ignored. The length of the divergence here is longer than normal. The longer the bullish divergence is the more the price action will rise.
2. The 200 simple MA on this 8 hour time frame has held as support. Price can react with greater volatility around 200 simple MAs. It may act as sort of a trampoline.
3. The price action closed below the lower bollinger band, this is a sign that price is over extended and needs to go the opposite direction.
4. The 8 hour golden pocket (.618 fibonnaci) acted as support. Often times, price action loves to test golden pockets and then bounce off of them because bots are programmed to buy at these levels which adds buying pressure into the market.
5. The price action is still in a falling wedge, which, statistically break bullish 68% of the time.