Oversold RSI on the DAILY chart has historically provided a bounce to the upside. Watching carefully how this plays out from a 6200 Long entry.
Short Term Targets:
Target 1 = $7K, to back test bottom of triangle.
Target 2 = $7.3K 161 Fib
Target 3 = $7.8K descending trend line test
Short Term Targets:
Target 1 = $7K, to back test bottom of triangle.
Target 2 = $7.3K 161 Fib
Target 3 = $7.8K descending trend line test
Comment:
Watching this fractal right now to see if it plays out.
Comment:
so far, tracking nicely
Comment:
little bit more sideways range, but following again.
Trade closed: target reached:
Yes!!! oversold RSI on daily/weekly is a great data point to use in this market. Notice how well the trend lines make for excellent pivot points mere MONTHS down the road after charting this. BTC responds very well to TL's.