Bitcoin RSI on historical lows. Potential reversal & bull run?
After a large drop of BTC vs. USD ($6,5k to $5,5k-ish on Bitfinex) RSI is hitting historical lows (set on 17th of Aug. 2015 at price around 160$, which also started a new bull run to $20k).
May this mean a reversal is near and this was just a fake move to liquidate long positions? Watching closely. :)
Other chart patters on mid term idea also support reversal (or extended bear period if we break $5,5k):
May this mean a reversal is near and this was just a fake move to liquidate long positions? Watching closely. :)
Other chart patters on mid term idea also support reversal (or extended bear period if we break $5,5k):
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RSI got even lower and is now already lower than in 2015. I would expect a strong bounce back because of that.
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Didn't trade this but it's a good lesson: no matter how low RSI is, it can always go lower or at least stays low while price keeps falling (without a proper bounce/retracement to upside).
