Bitcoin Goes Oversold - Watch For Bullish Divergence With RSI

Bitcoin has officially made a very quick trip from overbought, all of the way to oversold. The bearish divergence on the 6-hour chart with overbought RSI was the leading indicator this time, although it was not seen on the 4-hour. the daily also hit overbought for the first time in ages.

Now that we are oversold, I am looking for price to either continue up or come down for one more dip and create a bullish divergence - my favorite trade and bottom signal. This would require a higher low on RSI and a lower low on price - the idea is drawn above. I have shared these tens of times with you and they have an extremely high hit rate.

I will be watching.