ETHUSD & BTCUSD Daily and Weekly RSI at Very Low Levels
Just an observation,.
Newbies here is an easy-to-understand method for knowing when market is about to bottom out or is close to reversal using the Relative Strength Index that is a free indicator you can use for trading view charts.
On daily chart for the time period November and December 2019 look out for the RSI touching 20. 2nd time RSI touched around 20 again was 3 weeks later after the first. So far from past records, 2 time is the minimum times the RSI reading of 20 has been hit. This was after the price topped out at 14K
The previous time was during the bear market between the period April and November 2018 (8 months), the RSI on daily touched 4 times, reversing after the 4th time it touched. However that was a time when the top was the highest near 20K and ethereum was over-inflated with ICO projects which was the trend then.
So does this mean we only need to touch the 20 point on the RSI once? Or was the last uptrend just a fake-out and we are still in a overall downward trend from 14000?
There are may other signals through patterns and technicals that can show bottom is close and you could probably look out for more signals first. Fakeouts do happen with sudden upward movements that can suddenly reverse on you and get you trapped underwater very quickly. There are some chart links here that have other easy to understand signals and patterns you can look out for too.
The weekly RSI carries even more weight. Low levels are reached when the reading is 30 and below. Currently it reads 36.98
Hope this was informative. Will write more soon.
Newbies here is an easy-to-understand method for knowing when market is about to bottom out or is close to reversal using the Relative Strength Index that is a free indicator you can use for trading view charts.
On daily chart for the time period November and December 2019 look out for the RSI touching 20. 2nd time RSI touched around 20 again was 3 weeks later after the first. So far from past records, 2 time is the minimum times the RSI reading of 20 has been hit. This was after the price topped out at 14K
The previous time was during the bear market between the period April and November 2018 (8 months), the RSI on daily touched 4 times, reversing after the 4th time it touched. However that was a time when the top was the highest near 20K and ethereum was over-inflated with ICO projects which was the trend then.
So does this mean we only need to touch the 20 point on the RSI once? Or was the last uptrend just a fake-out and we are still in a overall downward trend from 14000?
There are may other signals through patterns and technicals that can show bottom is close and you could probably look out for more signals first. Fakeouts do happen with sudden upward movements that can suddenly reverse on you and get you trapped underwater very quickly. There are some chart links here that have other easy to understand signals and patterns you can look out for too.
The weekly RSI carries even more weight. Low levels are reached when the reading is 30 and below. Currently it reads 36.98
Hope this was informative. Will write more soon.
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