The last correction hasn´t been surprising.
Comparing the trend of RSI with the trend of BTC we can consider a negative divergence. At the end only two possibilities remain:
whether RSI has to make a jump up or BTC has to drop
In this situation taking some benefits isn´t a bad idea.
I think BTC has dropped to close this divergence and is now neutral to RSI.
On the other hand it hasn´t broken the parallel trend channel - this is still valid. It has rebounded on the lower limit, then coming back to the next fib (23.6%) - which is an important swing trend line .
Accordingly to my analysis the next move should be up, with a rally taking BTC to prices around 9.600$. On that level it reaches the fib 78.6% from last correction and 38.2% from the big correction (2018).
The indicators are weak - but possibly about to turn.
This is no trading advice - only a personal oppinion based on some technical ideas.
Comparing the trend of RSI with the trend of BTC we can consider a negative divergence. At the end only two possibilities remain:
whether RSI has to make a jump up or BTC has to drop
In this situation taking some benefits isn´t a bad idea.
I think BTC has dropped to close this divergence and is now neutral to RSI.
On the other hand it hasn´t broken the parallel trend channel - this is still valid. It has rebounded on the lower limit, then coming back to the next fib (23.6%) - which is an important swing trend line .
Accordingly to my analysis the next move should be up, with a rally taking BTC to prices around 9.600$. On that level it reaches the fib 78.6% from last correction and 38.2% from the big correction (2018).
The indicators are weak - but possibly about to turn.
This is no trading advice - only a personal oppinion based on some technical ideas.