The Crypto Total Market Cap is in almost an identical situation that it was last summer. It fell down to a Key Support Level and the RSI was oversold at that time. It is currently in the same situation and the new Key Support Level. Previously, the Crypto Market Cap was holding steady around 1.2T. Currently, it's holding steady around 2T. If it can continue to hold around 2T, that is a very bullish sign and it will look to continue onto the next leg up.
The rsi is not a reliable indicator no indicator is reliable the rsi can stay in overbought area for a longtime in a bullish market and it can stay in an oversold area for a longtime in a bearish market so because it’s in an oversold or overbought area doesn’t mean price is going to reverse personally I think the rsi should only be used by investors and not traders as we use stop losses the signals of the rsi doesn’t reverse trend immediately so it’s useless to traders and the best way to trade or invest is learn to read plain charts
Mendenmein-Capital
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@marshallsolace, Nailed it, couldn't have said it better myself! The RSI works very slow in most cases and executing trades based on this indicator is dangerous to say the least.
watchtrend
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@marshallsolace, Its interesting trends now on more crypto trends. one that comes huge out depending on the green cycle are Oasis network
esorb26
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The difference is there are lots of hope now :)
cankarako
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@esorb26 yes and it is testing the same level for the second time