If you would look historically each time RSI hits 20 on the 4h chart we see a bounce playing out I will be buying up some BTC here @ $7,500 to sell at about $7,850 as the target. Placing a stop here is very inconvenient so it's very risky :O
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So far so good
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We had a nice wick to about $7,250 on Bitfinex, I still expect a higher bounce soon.
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We are consolidating close to medium term support, I think the breakdown level is more favourable which will push BTC down to roughly $6,900
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We are approaching the bearish target mentioned ^above^. I'm expecting a short lived bounce because of this support @ $6,900. By the time it happens RSI should be very oversold.