We might see that Market Capitulation today and Hopefully a reversal.
RSI on the Daily and 4H both are oversold just above crucial support line ( RED ) that has been respected about 9 times, starting from September to the recent 6.4k in April.
Capitulate to 6.8/6.9k and strong reversal is a possibility.
However, closing below 7k has higher chances of us going as low as 5.2k
RSI on the Daily and 4H both are oversold just above crucial support line ( RED ) that has been respected about 9 times, starting from September to the recent 6.4k in April.
Capitulate to 6.8/6.9k and strong reversal is a possibility.
However, closing below 7k has higher chances of us going as low as 5.2k
Comment:
Meanwhile here is what I can make of the market. Two extreme possibilities with 5.2 being the closest.
BTC - the 200$ pump to 7600 came right before the previous 4H candle close, resetting RSI to normal range allowing enough room for another leg down to probably 6.8k
The daily RSI is back up and is above 35.
For margin traders - don’t short here although it seems to be like we would go for another leg Down but the R/R is quite poor.
For people who longed at 7280 like myself- hope you are not in crazy leverage.
I have longs set between 6.7 and 7k almost x4 my current position at 7.2 *ON x2 leverage*
I’m not margin trading with large sums. I am aggressively on the hunt for alts which we must pick when we capitulate.