justsomeguy
Short

BTC: Over sold? (RSI and Supports)

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Everyone is excited about breaking 10k. I am too. But we're just about to touch 80 on the RSI ...and that's traditionally the point where we've started to face corrections. If we bounce back down then look for a dip.

Support 1: $8200
Support 2: $7450
Support 3: $7150
Support 4: $6500
Support 5: $5900

It could keep going up...maybe...but personally I'm not to touch prices this high with a ten foot pole yet.

When everyone else is ecstatic you should be looking to sell. When everyone else is freaking out, you should consider buying.

I'm staggering my buys starting at $8250, and working my way down from there.
Comment: As pointed out below, over sold is a typo. Should be over bought.
Comment: Retrace of $1,300 and still looking quite bearish on the hourly. Waiting for the SMA to cross the EMA on the daily to confirm we're in for a larger dip.
Does it matter anymore, oversold/overbought... does RSI works in this coin?
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justsomeguy CoinFinder
@CoinFinder, I mean it bounced off the 80 RSI line exactly as predicted. So...yes?



Obviously RSI isn't enough by itself. But it never has been.
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$10200.00 (and climbing) only an hour after your posting!
I won't even begin to guess where this beast (with a mind of its own) is headed.
Just a few months ago, many a folk were saying the same thing.
(not touching the price with a 10 foot pole) - only to jump in a few K higher.
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justsomeguy wpgmantrader
@wpgmantrader, The chart is on the one day granularity...it goes back to august. What does one hour have to do with it? That'd be like saying 5 seconds proves an hourly chart wrong.

All that said, I agree crypto is volatile and trying to get it right 100% of the time is a fools errand.
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wpgmantrader justsomeguy
@justsomeguy, I didn't say the chart was wrong or that you are wrong.

I simply said that trying to figure BTC out is futile (aka - we agree).

In any case, thanks for the input (aka - chart and thoughts).

If no did so, there would be little to discuss here at TradingView. :)
+1 Reply
justsomeguy wpgmantrader
@wpgmantrader, Ah gotcha, sorry for misunderstanding.

Trading is fun, and I've made a good bit of money on it. But I keep about 40% of my portfolio in long term holding specifically for that reason. There's educated guesses to be made, but this really is the wild west here.
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Oversold? Or overbought???
Professional Answer: Overbought
+1 Reply
justsomeguy YardleyRosette
@YardleyRosette, Ah crap, just right. This is why I shouldn't type while having conversations .
+1 Reply
3500
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