Bitcoin RSI Indicator flashes up - Fast drop or more upside?
As a follow on from this analysis:
the same indicator has shown on the RSI.
On a daily log chart you can see BTC increases in price when this important indicator appears. Some increases were dramatic. The percentage of the time BTC moves to the upside is now at 66%. 33% of the time BTC will decrease in price. This is from 2015 only, not entire history.
The purple down arrows on the RSI shows where BTC crossed the RSI level of 70 after hitting the lower part of the middle purple channel at the 30 level earlier(shown by the green up arrows).
The 3 red arrows show where this crossing was a false breakout. In every other instance shown by purple down arrows, BTC increased value.
When there was a false breakout, BTC dropped sharply quite quickly after the false breakout.
What colour will the grey arrow that just flashed on the RSI turn to, Red or Purple?
We have the EMA 55 (in blue) about to cross the MA 200 (in orange) which would be a bullish indicator for BTC.
We have the 0.786 fib level @ $9096 BTC would need to close above before confirmation of the upside move. Also BTC will need to break the current triangle it is in.
I am thinking of a drop in price due to halving dump, but will react to the market accordingly if it goes the other way.
Happy trading legends!
HTBB
the same indicator has shown on the RSI.
On a daily log chart you can see BTC increases in price when this important indicator appears. Some increases were dramatic. The percentage of the time BTC moves to the upside is now at 66%. 33% of the time BTC will decrease in price. This is from 2015 only, not entire history.
The purple down arrows on the RSI shows where BTC crossed the RSI level of 70 after hitting the lower part of the middle purple channel at the 30 level earlier(shown by the green up arrows).
The 3 red arrows show where this crossing was a false breakout. In every other instance shown by purple down arrows, BTC increased value.
When there was a false breakout, BTC dropped sharply quite quickly after the false breakout.
What colour will the grey arrow that just flashed on the RSI turn to, Red or Purple?
We have the EMA 55 (in blue) about to cross the MA 200 (in orange) which would be a bullish indicator for BTC.
We have the 0.786 fib level @ $9096 BTC would need to close above before confirmation of the upside move. Also BTC will need to break the current triangle it is in.
I am thinking of a drop in price due to halving dump, but will react to the market accordingly if it goes the other way.
Happy trading legends!
HTBB
