Peak Daily Stoch RSI on BTC Correlates with 13%-40%+ Corrections
Bulls have been running the show for the last week on BTC, but the Daily Stoch RSI could be showing us a bearish signal as it is now reaching peak levels. Every time we've reached this level on the Stoch daily over the past six months, we have seen a correction anywhere between 13%-45%. A 13% correction would bring us to a strong support shelf in the 9k area that has not yet been tapped back down upon since Bitcoin broke through that level. A 40%+ correction, should it come to pass (less likely), would line up with the 6k area (potential double bottom on daily). History shows this to be a risky area to invest in without that Stoch showing a cool down.
Note that there is also a rising wedge situation occurring. If BTC does break the rising wedge and keep pushing upward without correction, keep in mind that there is also a big resistance wall ahead (the downward channel -- upper red line -- stretching down from the 20k peak).
Note that there is also a rising wedge situation occurring. If BTC does break the rising wedge and keep pushing upward without correction, keep in mind that there is also a big resistance wall ahead (the downward channel -- upper red line -- stretching down from the 20k peak).
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