AlexKuptsikevich
Long

Bitcoin may be finally nears its bottom

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
For the 4th day in a row it is trading around $3400 and technical analysis indicates on the possible rally almost exactly one year after reaching peak levels.

1. RSI on Daily chart increases above 30 after strong oversold levels.
2. Moreover, we see divergence between price and RSI index, with the last reaches higher lows while BTCUSD fell to lower lows.

Just to be clear, I think, we see stop of the sale-off, not the rebound yet. Formally, it will be possible to talk about the rebound after the price growth above previous local highs ($4300). The dynamics of volumes (growth on price fall) speaks about the predominance of sales by now.

So basically you’re confirming that the RSI is no longer very oversold and hence has some capacity to drop further!

In this instance the price/RSI divergence is acting as little more than a reload before dropping further.
Reply
AlexKuptsikevich BCryptological
@BCryptological, technically it is considered as buying signal
Reply
12 years experience and you call bottom after RSI? Nice 12 years
Reply
@Crypapi, please, read the whole thing
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out