Yesterday the daily uptrend was lost on BTC indicating the start of weekly consolidation for the first time in a couple months.
It was also the first time the 4 hour RSI had been that oversold since the $3,000s.
This shows a shift in the market, where RSI levels on longer term time frames should be paid attention to more, as bulls are not longer in full control.
The bounce attempt has been slow going, and it is up to the bulls to change the hourly trend from here to look for some follow through.
Remember that if the trend change does not follow through, it means zoom out (to the weekly) and look for a potential flag.
Bears have some proving to do, and lower lows are required for them to do so.
It was also the first time the 4 hour RSI had been that oversold since the $3,000s.
This shows a shift in the market, where RSI levels on longer term time frames should be paid attention to more, as bulls are not longer in full control.
The bounce attempt has been slow going, and it is up to the bulls to change the hourly trend from here to look for some follow through.
Remember that if the trend change does not follow through, it means zoom out (to the weekly) and look for a potential flag.
Bears have some proving to do, and lower lows are required for them to do so.
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