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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