As you can see from previous RSI indications, historically when Bitcoin reaches such a low RSI it responds with a bullish up-trend.
Now, on the way down we've formed a thick layer of resistance and this could be tough to get through. Be sure to keep an eye on these resistance levels as it could get even worse if we have a major attempt and a huge fail.
Keep a sharp eye for a strong MACD turn around with the RSI being this low, especially where we're beginning to consolidate into the end of this bearish wedge.
As of right now it looks like we'll be seeing BTC at $6K around Feb 20th before this wedge closes, but a breakout could happen if we get out of this wedge early.
On the positive side, if we break through this thick resistance level we could see new all time highs.
Now, on the way down we've formed a thick layer of resistance and this could be tough to get through. Be sure to keep an eye on these resistance levels as it could get even worse if we have a major attempt and a huge fail.
Keep a sharp eye for a strong MACD turn around with the RSI being this low, especially where we're beginning to consolidate into the end of this bearish wedge.
As of right now it looks like we'll be seeing BTC at $6K around Feb 20th before this wedge closes, but a breakout could happen if we get out of this wedge early.
On the positive side, if we break through this thick resistance level we could see new all time highs.