A neglected indicator for Bitcoin and the overall crypto market.
Hey guys. Just wanted to give some input on this market. You tell me your thoughts based on what I have posted.
-If you look at this chart. It supports the argument that the market has been way over leveraged.
With regards to the current bear situation we are in.If you look at the daily chart, one could have foreseen this drop. I for one expected it but not to this extent. There is one key indicator that has actually been giving signals in advance of a change in trend and that is what I have been following. That indicator is the RSI.
When I saw the weekly RSI and the daily- I knew a big correction was coming.
The RSI is so underestimated but tell you what’s really going on with regards to the buying and selling regardless off the price movements.
So look at your chart from Jan 7 2021, the RSI was very overbought but that is when the decline started. meaning that even though the price was being manipulated higher. The sell off was actually happening.
This also supports the argument that a lot of long leveraged positions were taking pace to bring the price “artificially”higher.
Now, look at the RSI from the 14th May, it’s starting to climb up. Even today with the further sell off the trend of the RSI remind instact. So if this is sustained, that means a bull market is due anytime because it’s showing us that that buying is already happening. Positions are being placed already.
Let see if the current RSI trend is maintained to confirm this.
I use the RSI 14 close.
Let me know your thoughts.
-If you look at this chart. It supports the argument that the market has been way over leveraged.
With regards to the current bear situation we are in.If you look at the daily chart, one could have foreseen this drop. I for one expected it but not to this extent. There is one key indicator that has actually been giving signals in advance of a change in trend and that is what I have been following. That indicator is the RSI.
When I saw the weekly RSI and the daily- I knew a big correction was coming.
The RSI is so underestimated but tell you what’s really going on with regards to the buying and selling regardless off the price movements.
So look at your chart from Jan 7 2021, the RSI was very overbought but that is when the decline started. meaning that even though the price was being manipulated higher. The sell off was actually happening.
This also supports the argument that a lot of long leveraged positions were taking pace to bring the price “artificially”higher.
Now, look at the RSI from the 14th May, it’s starting to climb up. Even today with the further sell off the trend of the RSI remind instact. So if this is sustained, that means a bull market is due anytime because it’s showing us that that buying is already happening. Positions are being placed already.
Let see if the current RSI trend is maintained to confirm this.
I use the RSI 14 close.
Let me know your thoughts.
Comment:
Apologies for the type errors