BTC trends change direction with RSI divergences on the daily, as shown above. The general strategy is to bet with the prevailing trend until a new divergence and/or trend emerges. Sometimes, like the capitulation spike in February, a divergence isn't necessary. Until this big dump, we didn't have a bullish divergence or capitulation to change the direction. Now we do. It's time to close the shorts and open longs.
It's still possible we see a drop to sub 6K for a "spring" in the short term. BTC probably goes sideways for another week (or several). But it looks like the bulk of the dumping is over. Finally!
BTCUSD still has room to open up for $5000 or even $3000. I am pessimistic in the short term in terms of the rally. It looks like the craze over the bitcoin has subsided,as reflected in the prices of the bitcoin. I might be buying at either $5700 or even $5000 for a small profit.
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@lulan98, how can you ignore this clear divergence ?