We are ready to introduce to you a new possible long idea that may be worthwhile taking for the intraday traders. We are seeing three fantastic technicals that might possibly lead us to a slight relief bounce:
1. RSI bullish divergence 2. Descending Parallel Channel 3. After a 15-16% drop within the past 24 hours, we are still seeing a higher low on the RSI, which is indicating that people may be wanting to secure the lower $400 levels.
Remember, this is a short term trade. We can most definitely see more downward pressure, but the wholesome idea remains the same based on the current technicals as of currently (at the time of writing).