The last four daily divergences between price and RSI near oversold or overbought conditions are shown on the chart, the previous three have led to significant reversals, and it looks like that pattern is playing out now.
We had a SFP on the weekly (probably hunting stops with a false break out below the descending triangle), volume decreasing during downward trend indicating it was weak and we have just broke above the downward trend line. Fundamentals are strong with lightning and related apps and sites being developed (e.g. satoshis.place).
Having said all that I'm still cautious, we need to close above trend line on the daily, preferably with high volume. If this is a local bottom then the next resistance zones to watch for will be around $7k and $7.8k.
We had a SFP on the weekly (probably hunting stops with a false break out below the descending triangle), volume decreasing during downward trend indicating it was weak and we have just broke above the downward trend line. Fundamentals are strong with lightning and related apps and sites being developed (e.g. satoshis.place).
Having said all that I'm still cautious, we need to close above trend line on the daily, preferably with high volume. If this is a local bottom then the next resistance zones to watch for will be around $7k and $7.8k.