Oversold $BTC check MTF momentum reversal for long #Bitcoin

Over and over again oversold conditions, coupled with high short interest are followed by a great opportunity for a long entry into BTC.

Multiple Time Frame Momentum Strategy suggests that one should look for the momentum reversal to take place on multiple timeframes before entry.

I like to see the following timeframes in alignment for BTCUSD. When oversold and at support it tends to move fast:

• 30 minute
  
  
• 1 hour
  
  
• Take larger position once the 4 hour is also in alignment
  

We are now looking at horizontal support at $2950, and 200 week MA around $3000 as well. There should be a significant bounce off these levels in the near term. This may transpire the next time the 4-hour Stochastic RSI indicates a momentum reversal after oversold levels are measured.

Metcalf's Law suggests that BTC should be at $10000 within 6 months.