BTC RSI Failure Swing (in a good way) in progress?
Looking at the RSI overbought levels on the 4H, looks like we have a failure swing in process for $BTC at the overbought level. If this follows the typical pattern, we'll get a temporary bullish resurgence on the RSI, which should lead to a increase in price. I wouldn't expect it to rise much higher than the .618 retracement line around $8200, as that coincides with the level of the 4H Ichimoku cloud, as seen below:
Also note the Kijun Sen (red line) will act as resistance around $7700 as well.
Either way, if the RSI Failure swing plays out, if you bought around $6500 yesterday, there could be a good opportunity for a 20-25% swing trade in the next few days if price can break into the Ichimoku cloud.
**As always, this is not investment advice and I am not an investment professional.**
Either way, if the RSI Failure swing plays out, if you bought around $6500 yesterday, there could be a good opportunity for a 20-25% swing trade in the next few days if price can break into the Ichimoku cloud.
**As always, this is not investment advice and I am not an investment professional.**
Comment:
Bull run stopped around $7500 for around ~8% gain, hitting resistance at the Kijun Sen.