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dini01
Apr 15, 2018 1:07 PM

BTC Daily RSI has reached a critical point 

BITFINEX:BTCUSD1D
Bitcoin / DollarBitfinex

Description

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Trend AnalysisChart PatternsTechnical IndicatorsBTCUSD
Comments
dingdongmerrilyonhigh
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Need some more red lines, I can almost see the chart behind
dini01
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@dingdongmerrilyonhigh,

Haha work of art ain't it.
AaronOlsen
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Yes, interesting moment right now.
dini01
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@AaronOlsen,

Yup a rising wedge forming on the 4hr chart as well by the looks of it.

BRRD
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Check 6hr RSI and compare periods 1-15 Feb with 1-15 Apr. Similar RSI movement along same timescale; huge difference in gains (much less this time round).

Very suspect!
dini01
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@BRRD,

Can't access the 6hr chart unfortunately but I'll take your word for it :) Yeah I think this is a key point. Let's see if it can break the trend.
BRRD
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@dini01, Volume is shit = wait.

Lots of traders speak about the end of the "bear market". IMO the bear market hasn't really started unless we break down meaningfully from here. Until then I agree with the biggest bulls on TV - it's just a correction.

Doesn't mean I don't think we are going there. 2014 had several periods like this when many thought the correction was over, but volume was low and there were mixed signals everywhere.

dini01
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@BRRD,

Yup I think there's a lot of money waiting on the sidelines still. This was a shorts squeeze + fomo more likely.
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