You know the drill, because you have been with me for years, right?
My favorite signal of at least a temporary bottom is bullish divergence with oversold RSI - price makes a lower low, RSI makes a higher low.
We do NOT HAVE IT YET. It is likely not to happen. But the idea drawn above is what I would LIKE to see to give me confidence that the bottom of this move is in.
That would require price to close a candle with a lower low below the $40,700 area.
My favorite signal of at least a temporary bottom is bullish divergence with oversold RSI - price makes a lower low, RSI makes a higher low.
We do NOT HAVE IT YET. It is likely not to happen. But the idea drawn above is what I would LIKE to see to give me confidence that the bottom of this move is in.
That would require price to close a candle with a lower low below the $40,700 area.
scott.melker@texaswestcapital.com