A recurring pattern that keeps playing out on the 4H chart:
- at 50% RSI, Massive selloff that takes price below both 50MA and 20MA
- at RSI ~10%, strong pull-back to taking price back above 20MA and retest of 50MA
- Rejection at 50MA & 50% RSI and price goes back down to re-test previous low
- A period of re-accumulation, with RSI ranging around 50% mark
- Strong upward surge to break both 20MA and 50MA, until RSI overbought (80% RSI)
- Rinse & Repeat...
- Looks like a very similar pattern now in play, which could take us to 0.76 region
This is not financial advise, please do own DD. Stay safe trading.
Feel free to follow me for regular TA
- at 50% RSI, Massive selloff that takes price below both 50MA and 20MA
- at RSI ~10%, strong pull-back to taking price back above 20MA and retest of 50MA
- Rejection at 50MA & 50% RSI and price goes back down to re-test previous low
- A period of re-accumulation, with RSI ranging around 50% mark
- Strong upward surge to break both 20MA and 50MA, until RSI overbought (80% RSI)
- Rinse & Repeat...
- Looks like a very similar pattern now in play, which could take us to 0.76 region
This is not financial advise, please do own DD. Stay safe trading.
Feel free to follow me for regular TA