OK so first i drew the line of previous ATH. Next line represents a 7% retracement from current levels. This is basically the price retracement % EVERY time BTC's RSI has gotten above 70. It gets support at 50 RSI (only exception being the first big correction from 41.5k to 30.5K).
So I took 7% from here and got a local RSI support line around $44,500. Not strong analysis work i know. BUUUUUT,
Applied the fib retracement levels using current high of $48k and the 30.5k correction low and.....
LOOK at how well they confirm these new support levels. $44,500 i'm mortgaging the house if it holds support. OK not literallly but with momentum, Fib's and the RSI support i'm like 90% sure $44,500 is as low as it goes.
As for upper range, who knows. But the .618 fib level tells us $58,000 is next level of resistance.
This is not advice. just my personal notes. I'm not a professional. This is to capture my personal feelings and ideas.
So I took 7% from here and got a local RSI support line around $44,500. Not strong analysis work i know. BUUUUUT,
Applied the fib retracement levels using current high of $48k and the 30.5k correction low and.....
LOOK at how well they confirm these new support levels. $44,500 i'm mortgaging the house if it holds support. OK not literallly but with momentum, Fib's and the RSI support i'm like 90% sure $44,500 is as low as it goes.
As for upper range, who knows. But the .618 fib level tells us $58,000 is next level of resistance.
This is not advice. just my personal notes. I'm not a professional. This is to capture my personal feelings and ideas.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.