Hi! When RSI is below 20%, does this mean that it is over sold?
Jeff_Nguyen
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@HondaJr, Yes, which is why shorting here is low percentage. This is where usually technical shorts cover partially of their position. Hence the mini bounce on hourly. But daily still have some more room to go down.
HondaJr
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@jeff Nguyen, Daily still have some more room to go down..Could you please tell me why you can tell that ?
Jeff_Nguyen
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@HondaJr, RSI was not oversold. But it did bounce (somewhat expected)
HondaJr
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@jeff Nguyen, It bounced back . But just for a day. So there is still high possibility of going down. Do you think so?
Jeff_Nguyen
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@HondaJr, Yes, Red downtrend was tested at least 10 times and failed. Breakthrough will be hard but will be super bullish and will attract new money. It's still bouncing around in the triangle for now.