Bitcoin [BTC] - Update 28/05/2018

o in BTC Forum
Keep an eye on the daily RSI. Most traders are waiting for it to drop below 30. That would be around or just below 7K. There is a strong support in the order books at 7.2 but I expect that to disappear quickly. The bulls would love to see the RSI dip below 30 without BTC creating a new lower low and it looks like that is what is happening. No guarantees of course. I have some buys set at that area between 6.8 and 7.025 and some opportunistic buys a bit lower, all the way down to 6.5.

I have been wondering a long time if the RSI touch on the daily from the end of March was enough and I am now convinced it isn't. The market is weak and buyers are looking for clear signals. The dip below 30 might be it. Again: no guarantees. Of course there is some scalping in between. If you play with 5+ BTC, it is worth it making 200 per BTC...

So, be careful but keep an eye on the daily and 4 hr RSI, make sure the price has no lower low (since end March) and wait till the bounce is confirmed if you want to be safe.

(Oh: and this is for the next few weeks, not today or the next few days, although time is hardest to predict)