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BTC Short til RSI says otherwise.
As we have seen in the past. When moving in the primary trend (Bullish) we see pull backs down to the Moving Averages accompanied by a low RSI value.
As we form the right shoulder to a possible head and shoulder formation it likely a drop down to the Moving Averages (1d) is likely. With support to be tested in regions (EMA 200) ($5780) although due to the strong sentiment surrounding the market it is likely to be supported higher at ($6400).
As we do not know which of the MAs will/if show support we look towards the RSI indicator to help confirm where to re-enter.
As we form the right shoulder to a possible head and shoulder formation it likely a drop down to the Moving Averages (1d) is likely. With support to be tested in regions (EMA 200) ($5780) although due to the strong sentiment surrounding the market it is likely to be supported higher at ($6400).
As we do not know which of the MAs will/if show support we look towards the RSI indicator to help confirm where to re-enter.
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