RSI on 4hr has been amazing to predict swings which is why I circled them. Buying when extremely oversold and selling when extremely overbought has resulted in winning trades. With that being said, RSI at the moment is currently in overbought territory while the chart is forming a double top, depicting a higher-chance move to the downside in the immediate future.
Note: Declining/lack of volume. This makes me feel a little uncomfortable with the idea that we're totally bullish. I'm not sure whether we really had a massive sell-off and capitulation in order to begin what I believe would be a proper and healthy bull cycle.
Macro Bear-Trend previous high has not yet been broken.
Micro Bull-Trend will confirm in the next day or so as we are currently retesting the last high. RSI has climbed to new highs stating we're overbought but price has not reached a new high in price for BTC.
The new micro-low BTC puts in the next time RSI reaches oversold territory will also help me determine whether we are still bullish or not in this short-medium time frame.
Let me know what you think. Share you ideas and feedback below. I shall update as we move forward. Cheers, safe trading :)
Note: Declining/lack of volume. This makes me feel a little uncomfortable with the idea that we're totally bullish. I'm not sure whether we really had a massive sell-off and capitulation in order to begin what I believe would be a proper and healthy bull cycle.
Macro Bear-Trend previous high has not yet been broken.
Micro Bull-Trend will confirm in the next day or so as we are currently retesting the last high. RSI has climbed to new highs stating we're overbought but price has not reached a new high in price for BTC.
The new micro-low BTC puts in the next time RSI reaches oversold territory will also help me determine whether we are still bullish or not in this short-medium time frame.
Let me know what you think. Share you ideas and feedback below. I shall update as we move forward. Cheers, safe trading :)