Get started
tantamount

Next BTC Bounce Potential - Look For Weekly Price/RSI Divergence

Bitcoin (INDEX:BTCUSD)  
tantamount  
INDEX:BTCUSD   Bitcoin
Trend Analysis Chart Patterns Technical Indicators
51
6
trendanalysis chartpattern indicator
BTCUSD Bitcoin has a high success rate of bounce potential on the weekly timeframe when RSI diverges from price. Typically, this happens WHEN there's one last capitulation wick to the downside and RSI continues to climb out from oversold and make higher lows. Here's a perfect example going back to December 2019 ~
BTC Weekly Oversold RSI and 233 EMA

Takeaways: Watch for diverging price (lower) from RSI (rising higher), especially off a capitulation wick to the downside. Historically, this is the best opportunity to long Bitcoin. Be prepared to buy into this weakness for the highest reward potential. BEWARE: If equities & the stock market sell-off, Bitcoin will likely follow too, so be cautious. Wait for Stocks to find support FIRST before looking for your next BTC buying opportunity.

Note: Not trading or investment advice. Entertainment only!
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.