Currently, the race between the white energy in the 12h and the red RSI in the 24 hour is still going, and its looking to be about 50/50 chance(see the white dotted lines) with 1 hour to go on the 12h candle.
For the possible return of upward pressure we need to look for the green line compared to the white energy in lower timeframes.
As of now, the green is higher than the white energy only in the 23 minute timeframe, but as we can see they're not far off in the 90minute, 3h and 6h timeframes.
Also in the timeframe displayed above we can see de red RSI crossing the green line, while green is going up, indicating upward pressure.
REMEMBER this is all just a possibility, indicators have not shown all the right signals just yet, and we may find the red RSI dropping below 50 in the 24h timeframe before the white energy rises above 50 in the 12h timeframe, signaling we are not done with downward pressure yet.
For the possible return of upward pressure we need to look for the green line compared to the white energy in lower timeframes.
As of now, the green is higher than the white energy only in the 23 minute timeframe, but as we can see they're not far off in the 90minute, 3h and 6h timeframes.
Also in the timeframe displayed above we can see de red RSI crossing the green line, while green is going up, indicating upward pressure.
REMEMBER this is all just a possibility, indicators have not shown all the right signals just yet, and we may find the red RSI dropping below 50 in the 24h timeframe before the white energy rises above 50 in the 12h timeframe, signaling we are not done with downward pressure yet.
Comment:
As for chartreading, we can also find a neutral wedge from which a breakout could be happening right now, giving us more indication for BTC's short term
Comment:
BTC has started a new 12h candle, and we have not seen the white energy close above 50 in the previous one. We are currently at 46.07 for out white energy in the 12h timeframe, while RSI is at 60.91 in the 24h timeframe. Meaning we still do not have an indication as to what direction BTCUSD will go to.
Comment:
We've had the breakout and subsequent increase of BTCUSD. BTC will most likely keep increasing, and not drop below the previous dip.
