Bitcoin Reversing From Oversold RSI

In my previous post about BTC I predicted that the price would potentially reverse around $30k. Luckily for us, that seems the case for now.

Historically, an oversold RSI on the 4H chart has been a great buy signal. I think it is now as well, for the short term at least.

For the coming hours, the R1 resistance is going to be important. The price will either surpass it and shoot back up to the R2 resistance at $40k or the price will reverse back towards the $30k level, drawing a bearish head and shoulders pattern.

I'm sure we're going to see some fireworks in the coming days, either bullish or bearish. Happy trading!