Last time the daily RSI was this low was late May 2021 when we retraced to 0.786 of the prior run, finding support here until going on an epic 2000% run over 10 months.
Following yesterday's red candle we've bounced off the 0.786 fib of the retracement from said run, which coincides with a trend line I've had drawn in since this time last year.
Reversing the first fib shows we reached just above the 5.272 at it's peak. Doing the same on the latest fib gives us a target of $614!
Short term I expect a bounce to around $50. Will be keeping a close eye to see if we hold .786 and form bullish divergence
Following yesterday's red candle we've bounced off the 0.786 fib of the retracement from said run, which coincides with a trend line I've had drawn in since this time last year.
Reversing the first fib shows we reached just above the 5.272 at it's peak. Doing the same on the latest fib gives us a target of $614!
Short term I expect a bounce to around $50. Will be keeping a close eye to see if we hold .786 and form bullish divergence