First of all this is for educational purpose only, I am not taking any responsibilities for your trades.
That said, if you check out the chart, there is a line of the RSI on the daily chart BTC/USD, which has been respected since september 2011! Basically since BTC trading started on exchanges. Every time the RSI touched that line, it started reversing, the only time it went under it was during November 2018 ( hash wars saga).
So either 6950 is the bottom ( high probabilities, because that would keep intact the bull flag and it would mean we are going up right now), or the price will keep falling slowly, with less momentum so the RSI will grow, giving a future bullish divergence.
In my opinion there is a high chance > 60% that this is the bottom, at around 6950.
Good luck with your trades. (not a financial advice, educational only)
That said, if you check out the chart, there is a line of the RSI on the daily chart BTC/USD, which has been respected since september 2011! Basically since BTC trading started on exchanges. Every time the RSI touched that line, it started reversing, the only time it went under it was during November 2018 ( hash wars saga).
So either 6950 is the bottom ( high probabilities, because that would keep intact the bull flag and it would mean we are going up right now), or the price will keep falling slowly, with less momentum so the RSI will grow, giving a future bullish divergence.
In my opinion there is a high chance > 60% that this is the bottom, at around 6950.
Good luck with your trades. (not a financial advice, educational only)
Comment:
4 hour chart hammer candle (indicating reversal) forming right now. If the next 4-hour candle closes in green, then my supposition is right and the bottom is in as expected. Decent green volume incoming.
Comment:
Symmetric triangle at 1 hour chart, indicating continuation (downwards). If it breaks below 7100 then 6950 is likely not gonna hold, and we are going for the 2nd case. With RSI already low, the price would fall with lower momentum creating a bullish divergence. Monitoring closely To get a new entry point.
Comment:
Right now at 7305, 350 $ above the expected bottom, it went up to 7850 and failed. There is more downside to come possibly. 6950 isn't going to hold so most likely we fall much further.