The RSI indicator is a momentum oscillator that measures the strength of recent gains and losses. It can be used to identify oversold and overbought conditions. It has been trending lower in the last month, suggesting traders are likely looking for new lows on bitcoin prices moving forward.
The “cardano price analysis” is a fresh ‘oversold’ signal for Bitcoin. The monthly RSI has been below the 50% threshold since September 2020.
A crucial Bitcoin (BTC) measure has just hit its lowest point since the months after the market crisis in March 2020.
Bitcoin’s relative strength index (RSI) is displaying a “hidden bullish divergence” on monthly timescales, as spotted by popular experts on Jan. 5 — and if it plays out, the outcome would be extremely favorable for hodlers, they believe.
The RSI drops below the summer 2021 level.
It’s no secret that a slew of on-chain indicators have long demanded greater price levels, despite the absence of direction on BTC/USD.
The current price of $46,000 may go further lower, but the standard RSI measure already illustrates how “oversold” Bitcoin is at that level.
“The May-July 2021 correction is presently lower than the Bitcoin monthly RSI,” said prominent analyst Matthew Hyland, referencing to Bitcoin’s summer decline after the May miner turmoil.
During that time, BTC/USD reached $30,000 and the monthly RSI reached over 60, but today the price is higher but the RSI is lower — merely 58.95. Only in September 2020, when BTC/USD was at $10,000, was the measure lower.
BTC/USD 1-month candle chart with RSI (Bitstamp). TradingView is the source of this information.
Along with the 1-month lows, monthly RSI is also printing a pattern that has only been seen once before, according to TechDev, a fellow trader and analyst.
“I could only find one other secret monthly bull div in bitcoin’s history. Let’s check whether it’s true “he wrote
The RSI has been especially helpful to Bitcoin in recent months in determining how overbought or oversold an asset is at a specific price point.
For example, when the RSI was at 68 in mid-October, TechDev pointed out that it was still a long way from the point when Bitcoin’s long-term price peaks.
Exiting at the right time
Bitcoin, on the other hand, hasn’t persuaded everyone that it has a bright future.
Bitcoin open interest reaches new highs amid expectations of ‘fireworks’ in the BTC price this month
Some well-known traders have set lofty price goals that they claim must be met before the market may turn positive.
Pentoshi is one of them, having said that he would only review the market in a macro sense until $58,000-$60,000 recovers and holds.
He claims that the market structure as 2022 starts is completely different from that of other points in the time commencing in March 2020.
“In my opinion, the odds aren’t in your favor. Despite the fact that I believe Q1 provides some good exits for many, “In a summary of his perspective at the start of the year, he concluded.
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The “eth rsi” is a tool that can be used to track the relative strength index of Ethereum. The “ethereum monthly RSI lowest since September 2020 in fresh ‘oversold’ signal.”
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