#BITCOIN - Analyzing BTC Based on RSI

28 июн. 2022 г.

I don't usually use RSI and Stoch.RSI for local trades, but when it comes to big time frames - we can easily rely on this indicator. Therefore, I'm gladly present you the RSI based on theWeekly Bitcoin Chart!

First of all, let's take a look at the Stoch.RSI indicator. At the moment it is located below the 4.0 level. I've marked zones when it was at the same level with red squares. As you can see, such lows were always followed by some growth.

Secondly, check RSI. It is EXTREMELY oversold. In fact, it is at All Time Low right now. Previously RSI visited this zone only once, when BTC dumped from $6000 to $3000 back in November 2018. As you might know, Bitcoin grew up from $3000 to $14000 after this low.

Let's draw conclusions: most of the indicators are extremely oversold, this fact tells us that we must see at least some relief and growth up to $22,500 - $23,000 zone and if it is be broken upwards, we will see $24,000 - $26,000 zone.

However, let's not forget that we are still in the bear market and overall priority remains downwards as long as the price of Bitcoin remains below the $32,000 - $33,000 zone.