In this timeframe (1hr) we see how BTC diverge with RSI for the downside. On short timeframe its pushing down stronlgy but holding that support trendline.
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The price is not accompanying the RSI as it should be supposed to do. Be alert and carefull.
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Technically it should dip to 11K before tonight but support is holding really well and I am afraid for a short term high towards top-down trendline
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Please note that this support could represent the higher 3rd low of the move BTC made from 9K to reach the 13K
Can you please elaborate? WHat's the problem if the price is not accompanying the RSI?
cozzamara
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@outsmash, Hi, in my experience (not much please note that I am an amatour) it means that it could work like an elastic when existing from the downword force. I don't know if it clarifies...hoe yes but please feel free to ask. Excuse me for my english and thank you for viewing.
cozzamara
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@outsmash, in the hourly chart you will note that RSI is far lower than price but price is not accompanying. It does not accompany because it is supported. If the divergence persist and the support hold you have two very good ingredients for a good trading opportunity
cozzamara
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@outsmash, next you have to consider also the volatility short term to see if trading opportunities fits with your trading style
@outsmash, I call it elastic effect but I am sure there is a more academical explanation for this type of moves. They work on every timefrime but its difficoult to get the right timing. I have no patience and this make me do mistakes. Need always to be carefull
outsmash
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@cozzamara, Thanks for taking the time to explain. I think I understand now. Cheers