I have to be honest with you. I find your use of the RSI a little intriguing. I have been finding myself using the RSI, ROC and momentum indicators quite a bit in my analysis lately. Oh, by the way, I hope your analysis is on. I have been in a long position with BTCUSDT for about a week.
@Echo3Charlie, Man... they are torturing everbody! It's been almost 70 days of this sideways situation. I do think you may see another weak hand shake out before more up move. You can see on the 4 hour pretty well the increase in volume with rejection each time it attempts to drop.It also took an extreme amount to get it up to this point as well, that spike from march.
But 70 days sideways... something is up... or.. there may have been some high interest in that halving event they were talking about.
And the RSI I have found to be very consistant with Forex and the 15 min. Its been helpful as an alert system and as a personal spot check. You can also get the bonus of a divergence if it's there (also somewhat frequent).
Usually, once price reaches support or a 50% fib I look to see the volume and the RSI.
A LOT of times you are going to get your spring/fake breakout in conjunction with a break of the oversold area on RSI depending on how you set it. This is set to 7 just to tune up the sensitiity and 5 can work well as well... lol.. its actually very easy, especially with volume. As usual the inverse is the same if in a downtrend.
Sorry... another really critical use with RSI is it can help you identify where the volume is actually coming from. Sometimes/many times it can be confusing as to wether it is supply or demand coming in. RSI may help to distinguish which direction the flow is coming from.
As I always say, don't believe me at all... see for yourself!
Oh and good luck on that recent BTC entry! PM whenever. Hope all is well.
Comments
But 70 days sideways... something is up... or.. there may have been some high interest in that halving event they were talking about.
And the RSI I have found to be very consistant with Forex and the 15 min. Its been helpful as an alert system and as a personal spot check. You can also get the bonus of a divergence if it's there (also somewhat frequent).
Usually, once price reaches support or a 50% fib I look to see the volume and the RSI.
A LOT of times you are going to get your spring/fake breakout in conjunction with a break of the oversold area on RSI depending on how you set it. This is set to 7 just to tune up the sensitiity and 5 can work well as well... lol.. its actually very easy, especially with volume. As usual the inverse is the same if in a downtrend.
Sorry... another really critical use with RSI is it can help you identify where the volume is actually coming from. Sometimes/many times it can be confusing as to wether it is supply or demand coming in. RSI may help to distinguish which direction the flow is coming from.
As I always say, don't believe me at all... see for yourself!
Oh and good luck on that recent BTC entry! PM whenever. Hope all is well.