The last time $BTC was at 30 RSI; it's price was below $5,000.
The channel has undoubtedly broken down; as the overhead resistance was too much for Bitcoin Bulls. We are currently seeing a strong bounce; however it has not breached above the short term trend line; which is the first real test for a recovery and continuation.
I don't believe the current cycle has completed, however a pull back provides a great opportunity to reset some benchmarks on this upward run. Given that the breakdown was pre-empted by a bearish divergence, it makes sense that any recovery would also come from the same kind of action on the RSI. And with the RSI being so incredibly low - it looks primed for this exact event. But that means that the lows aren't over.
Let's see what tomorrow brings...
#crypto
The channel has undoubtedly broken down; as the overhead resistance was too much for Bitcoin Bulls. We are currently seeing a strong bounce; however it has not breached above the short term trend line; which is the first real test for a recovery and continuation.
I don't believe the current cycle has completed, however a pull back provides a great opportunity to reset some benchmarks on this upward run. Given that the breakdown was pre-empted by a bearish divergence, it makes sense that any recovery would also come from the same kind of action on the RSI. And with the RSI being so incredibly low - it looks primed for this exact event. But that means that the lows aren't over.
Let's see what tomorrow brings...
#crypto
