Bitcoin (BTC) - May 22 (RSI Indicator)

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
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( BTCUSD 1M Chart)
The RSI line is approaching an all-time low.

(1W chart)
The RSI line is falling below the low of the week of March 9, 2020.

(1D chart)
The lowest RSI since BTC price hit ATH was January 20, 2022.

If the current price moves sideways, we expect the 1W chart to break out of the RSI oversold zone in the near future.

I think this movement can be interpreted as a movement to get out of the floor section.

However, it is important to check whether the RSI finds support in the 27K-29K range, as the RSI may fail to move higher after exiting the oversold zone and may lead to further declines.

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** All indicators are lagging indicators.
Therefore, it is important to be aware that the indicator will move accordingly as price and volume move.
However, for the sake of convenience, we are talking in reverse for the interpretation of the indicator.
** The MRHAB-T indicator used in the chart is an indicator of our channel that has not been released yet.
** The OBV indicator was re-created by applying a formula to the DepthHouse Trading indicator, an indicator disclosed by oh92. (Thanks for this.)
** Support or resistance is based on the closing price of the 1D chart.
** All descriptions are for reference only and do not guarantee a profit or loss in investment.

(Short-term Stop Loss can be said to be a point where profit and loss can be preserved or additional entry can be made through split trading. It is a short-term investment perspective.)


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