Bull or Bear? Which Trend are We on?
RSI generally fluctuates within different ranges in bull vs. bear markets. This key differentiation is suggested and widely used by Constance Brown in the classic Technical Analysis for the Trading Professional.
For BTC, the RSI for the 2day chart clearly displays this rule, with RSI bull range from 40 to 90 and RSI bear range from 10 to 60.
With RSI bull range support (around 40) significantly broken in February 2018, the market shifted from the bull trend to the long lasting bear trend. With RSI bear range resistance (around 60) significantly broken in April this year, we saw the long-missing strength in the bulls.
Can the current upward momentum last? The key is whether the RSI bull range support (around 40) holds. If this doesn't hold, we would unfortunately go back into a bear trend. However, we do have an upward bias, and do believe if this support holds in the coming 2 weeks, we would enter major swing positions on bull side once the RSI holds above its EMA and SMA.
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For BTC, the RSI for the 2day chart clearly displays this rule, with RSI bull range from 40 to 90 and RSI bear range from 10 to 60.
With RSI bull range support (around 40) significantly broken in February 2018, the market shifted from the bull trend to the long lasting bear trend. With RSI bear range resistance (around 60) significantly broken in April this year, we saw the long-missing strength in the bulls.
Can the current upward momentum last? The key is whether the RSI bull range support (around 40) holds. If this doesn't hold, we would unfortunately go back into a bear trend. However, we do have an upward bias, and do believe if this support holds in the coming 2 weeks, we would enter major swing positions on bull side once the RSI holds above its EMA and SMA.
Please follow us if you like our ideas! Good luck!
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