BTCUSD - RSI Pullback Completed? Short

BITSTAMP:BTCUSD1D

Bitcoin / U.S. dollarBitstamp

Description

⋅ Aug 4, 2019 7:59 PM

BTCUSD is testing a big RSI trend line currently. Will it turn downwards again or will it break through?

Comment

⋅ Aug 5, 2019 4:32 PM

Testing the upper trend line right now (Leg 4). It is above the RSI trend line but it could fall back the next hours.

The 4h-chart gives us a bit more bullish picture at the moment. The break-out was a good long entry after the divergence appeared earlier on.

In other words it might be imponert to check more than one chart at the time. Especially on Crypto (very sensitive).

Comment

⋅ Aug 15, 2019 7:38 PM

I've moved the parallel lines a bit (Leg 4 fits perfect in this way).

Next, I look after signs that indicates change of direction:
Divergence, Descending trend line on RSI, 200MA (as support) or Fib levels.

Although, It could take some time before that kind of sign might appear.

Comments

birdy619

⋅ Aug 5, 2019 12:36 AM

I'm leaning bullish you look at the 4day chart you see the real situation and how we have just double bottomed not to long ago!

Steffro

⋅ Aug 5, 2019 4:37 PM

@birdy619, Nice! Very nice jump the last hours too. The divergence method was also a good indicator this time on the 4h-chart. Let see what happens next;)