Bitcoin / TetherUpdated Weekly RSI analysis
Here, i have set the RSI to a 10 week period. Why? Because the 50 line has offered strong support all the way back to 2016 with these settings (otherwise its 53/54 on 14 week).
When we broke the 50 RSI level in 2017, we went into a long bear market, and a break of 50 saw us go on the 2019 parabolic run up.
So where are we now? We broke down the 50 level, bounced off 40 and hit 54 on the big move up over the weekend and now are consolidating. So the move out of red box might offer the future direction of price.
When we broke the 50 RSI level in 2017, we went into a long bear market, and a break of 50 saw us go on the 2019 parabolic run up.
So where are we now? We broke down the 50 level, bounced off 40 and hit 54 on the big move up over the weekend and now are consolidating. So the move out of red box might offer the future direction of price.
Note
So after a big dip below the red box we are now testing the upper boundary. A weekly close above the 54-55 level will be a big buy signal
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.