BTCUSD is testing a big RSI trend line currently. Will it turn downwards again or will it break through?
Comment:
I've moved the parallel lines a bit (Leg 4 fits perfect in this way).
Next, I look after signs that indicates change of direction:
Divergence, Descending trend line on RSI, 200MA (as support) or Fib levels.
Although, It could take some time before that kind of sign might appear.
Next, I look after signs that indicates change of direction:
Divergence, Descending trend line on RSI, 200MA (as support) or Fib levels.
Although, It could take some time before that kind of sign might appear.
The 4h-chart gives us a bit more bullish picture at the moment. The break-out was a good long entry after the divergence appeared earlier on.
In other words it might be imponert to check more than one chart at the time. Especially on Crypto (very sensitive).