Price action is very similar to the middle of March 2018. As we declined from 8.5k down to 8.2k we created the same bullish divergence with the RSI as you can see with the yellow lines. Similar pattern on current day.
The RSI itself when we bounced on March 15 from 7.8k->8.5K was 50 on the 4HR. We are currently at 50RSI on the 4HR and we bounced from 7.9k->8.5K....
We are following 2014 bear market very closely during this 2018 one. At this point it appears we are more bearish now than we were at the end of May 2014.
As you can see we wicked off the 200EMA and had a nice bounce in 2014. This time, we broke down below the 200EMA, bounced and rejected back off it to the downside.