BTC USD RSI Analysis
Analyzing the RSI chart from the previous bear market, I can see the need for the RSI to reach oversold in the monthly scale in order to think the bear market is over, which could happen in a sharp fall from the $6,000 area to $4,800 area.
However, RSI chart from 2014 tells us that RSI touched oversold in the Monthly chart twice, once at $290 dolls and another at $150 dolls.
Following this logic I could say or think about 2 scenarios
1st ::: A sharp fall from $6000 down to $4800 can make us touch the oversold for the first time, then the 2nd oversold area would be touched at the $3000 area, giving us the lowest buying point of BTC and the end of the Bear market
2nd and Worst case scenario:::: A sharp fall down to $3,000 will give us the first oversold signal, price could weakly rise to the $4800 area to fall again down to $1,800. giving us the lowest buying point of BTC and the end of the Bear market
What ever the case be ready for the next bull run, no mater how down BTC goes, this guy will rise again higher than before and will take us with him.
Analyzing the RSI chart from the previous bear market, I can see the need for the RSI to reach oversold in the monthly scale in order to think the bear market is over, which could happen in a sharp fall from the $6,000 area to $4,800 area.
However, RSI chart from 2014 tells us that RSI touched oversold in the Monthly chart twice, once at $290 dolls and another at $150 dolls.
Following this logic I could say or think about 2 scenarios
1st ::: A sharp fall from $6000 down to $4800 can make us touch the oversold for the first time, then the 2nd oversold area would be touched at the $3000 area, giving us the lowest buying point of BTC and the end of the Bear market
2nd and Worst case scenario:::: A sharp fall down to $3,000 will give us the first oversold signal, price could weakly rise to the $4800 area to fall again down to $1,800. giving us the lowest buying point of BTC and the end of the Bear market
What ever the case be ready for the next bull run, no mater how down BTC goes, this guy will rise again higher than before and will take us with him.