With the hourly Stochastic RSI at zero and an RSI of 25, it was inevitable that the short rally of the past six hours was due and the buying pressure has pushed the Stochastic RSI up to the absolute ceiling for the past four hours... priming us for strong selling momentum. So, with RSI indicating that BTCUSD is not even close to being oversold, we are imminently about to enter a reversal.
Expect a drop of between 500-1000USD over the next 10+ hours, bringing us closer to the 6000USD level which we are due to reach in the next 48 hours. Regardless of if we do reach 6000USD or not, expect a rally in the days after April 3rd that take us back to 7250USD... and if we can break through that resistance, anywhere up to 10000USD.
What's your call for the next 10 hours - down closer to 6000USD or holding steady just below 7000USD?
Hit the thumbs up if you found this informative, I will keep you updated as the market develops! And if you disagree, please tell me why in the comments below - all feedback welcome. Thank you!!
This analysis is for educational purposes only and not a recommendation to buy or sell. Always do your own research before trading.
Expect a drop of between 500-1000USD over the next 10+ hours, bringing us closer to the 6000USD level which we are due to reach in the next 48 hours. Regardless of if we do reach 6000USD or not, expect a rally in the days after April 3rd that take us back to 7250USD... and if we can break through that resistance, anywhere up to 10000USD.
What's your call for the next 10 hours - down closer to 6000USD or holding steady just below 7000USD?
Hit the thumbs up if you found this informative, I will keep you updated as the market develops! And if you disagree, please tell me why in the comments below - all feedback welcome. Thank you!!
This analysis is for educational purposes only and not a recommendation to buy or sell. Always do your own research before trading.