Bitcoin Hindsight Analysis

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
RSI is powerful, if you only traded BTC when RSI broke above or below 50 on the 1D then you would have had 4 proiftable long term trades over the past 7 months.

Each (#) marks a cross of the 50 RSI level - If it drops through 50RSI on the 1D this is a bearish signal. If it shoots up past the 50RSI level, this is a bullish signal.

Trading based on this simple rule would have had a 100% hit rate (assuming you can properly set Target / SL.

Comment: We are now at a crucial point for the 1D RSI, it has been just under the 50 level for sometime and this level is acting as resistance.

If we break through this 50 level, it may present a buy opportunity.

If the resistance holds, odds are the price will retouch the trendline @ ~5950 before another upward move.


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