Bitcoin / TetherLong
RSI Oversold but history is worrying on this
RSI for the 4h on BTC is very oversold right now, usually a great sign of a bounce incoming but BTC being BTC often fakes out the other way.
since the high last year the RSI has hit similar levels 4 times before
Gains following this have been around 25% - 30% in the 2 days after each time but its a bumpy path,
As you can see in the february dip (blue arrow) you could have been right back on the downtrend if you held any longer than 3 days and you;d have lost money if you bought when we first hit <30 on RSI
Timing is key on this
I'm expecting a 20%+ bounce but have set sells on the way up so I'd be out before we got there just in case it was a quick turnaround again
since the high last year the RSI has hit similar levels 4 times before
Gains following this have been around 25% - 30% in the 2 days after each time but its a bumpy path,
As you can see in the february dip (blue arrow) you could have been right back on the downtrend if you held any longer than 3 days and you;d have lost money if you bought when we first hit <30 on RSI
Timing is key on this
I'm expecting a 20%+ bounce but have set sells on the way up so I'd be out before we got there just in case it was a quick turnaround again
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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.