The weekly RSI continues to be indicating selling pressure is getting exhaust and absorbing most of the long liquidations. Looks like we reached a equilibrium point where the liquidating pressure is going to also be exhausted soon. If you are just entering the market now, the risk to reward for going long is pretty attractive.
For those of you ( probably like 5 people ) that had the opportunity to read my last idea about a possible perfect bottom. Looks like the bottom we called was within 10 +/-. Pretty good! The Weekly RSI indicated selling pressure was exhausted. Now that we have confirmed the beginning part of that idea, I'd like to share some of my thoughts. I have been...
Ethereum and Bitcoin have both hit the lower end of the RSI Indicator. 8 weeks of red and frustration from recent events have created a situation where the new bull market could result in a possible new high. Most interestingly is the Weekly (14) RSI is at a history low indicating the market has exhausted its selling pressure. Targeting 63 RSI on the daily BITCOIN...
