The RSI level!
As we can see it has become lower then the last time it became oversold leading to a rally up. Typically we wait until these signals either bounce off or even better cross down below 30 and then back up before buying in. And the opposite being cross up 70 to signal being overbought and when to sell. Although other factors, sometimes more fundamental factors rather than technical can effect these levels from playing out as usual. I could see due to positive sentiment from a successful ETH 2.0 merge having just happened, that we see ETH go from being sold to being bought quicker than having to come down and reach the 30 on the RSI. Las time the stock market turned around from being oversold and sent crypto up with it. If you check the SPY S&P 500 Index on the daily chart it looks almost exactly the same with RSI levels. To me this is a very bullish signal.. with both Crypto ETH, Bitcoin and the SPY with other main Stock Indecies all being just almost at the 30 RSI oversold level on the DAILY CHART to me is Always a bullish signal. We can't know when exactly when the trend reversal will take place, but to some investors the risk reward ratio could be well worth it to get in or at least start getting in at these levels, with the reason for not missing out on the big gains that happen once the reversal does happen. As we all know when the reversal does happen their is no warning and it does not wait for you it just happens and it happens really really fast. Fast with big gains usually right away and continuing on from that. So anyone who buys close to the bottom Even before that happens and experiences some more red before this would still benifit from recieveing those big quick gains in the very beginning, surely offsetting any losses acquired just before this. As far as a warning goes, this comparing with other oscillators is probably one of the best kinds you'll get. I just wanted to point this out and to remeber to keep a close eye on this daily from now on. Even if we do have to wait for more selling down to the 30 level it will not take long at all, that could be achieved easily within the next week alone.
Good Luck everyone I hope your having a good day.
As we can see it has become lower then the last time it became oversold leading to a rally up. Typically we wait until these signals either bounce off or even better cross down below 30 and then back up before buying in. And the opposite being cross up 70 to signal being overbought and when to sell. Although other factors, sometimes more fundamental factors rather than technical can effect these levels from playing out as usual. I could see due to positive sentiment from a successful ETH 2.0 merge having just happened, that we see ETH go from being sold to being bought quicker than having to come down and reach the 30 on the RSI. Las time the stock market turned around from being oversold and sent crypto up with it. If you check the SPY S&P 500 Index on the daily chart it looks almost exactly the same with RSI levels. To me this is a very bullish signal.. with both Crypto ETH, Bitcoin and the SPY with other main Stock Indecies all being just almost at the 30 RSI oversold level on the DAILY CHART to me is Always a bullish signal. We can't know when exactly when the trend reversal will take place, but to some investors the risk reward ratio could be well worth it to get in or at least start getting in at these levels, with the reason for not missing out on the big gains that happen once the reversal does happen. As we all know when the reversal does happen their is no warning and it does not wait for you it just happens and it happens really really fast. Fast with big gains usually right away and continuing on from that. So anyone who buys close to the bottom Even before that happens and experiences some more red before this would still benifit from recieveing those big quick gains in the very beginning, surely offsetting any losses acquired just before this. As far as a warning goes, this comparing with other oscillators is probably one of the best kinds you'll get. I just wanted to point this out and to remeber to keep a close eye on this daily from now on. Even if we do have to wait for more selling down to the 30 level it will not take long at all, that could be achieved easily within the next week alone.
Good Luck everyone I hope your having a good day.