Bitcoin just hit over 90 on the overbought RSI

[Anonymous No.18754588]

Traditional interpretation and usage of the RSI are that values of 70 or above indicate that a security is becoming overbought or overvalued and may be primed for a trend reversal or corrective pullback in price. An RSI reading of 30 or below indicates an oversold or undervalued condition.

[Anonymous No.18754614]

>>18754588
You are looking at the 5 min chart you absolute brainlet

[Anonymous No.18754620]

>>18754588
>overbought
>free money

[Anonymous No.18754637]

>>18754588
>he follows rsi
>he wonders why he’s still poor

[Anonymous No.18754662]

>>18754614
literally say 60 minute you mongoloid

>>18754588
4h is at 83, daily is over 70

[Anonymous No.18754711]

I was finally able to sell my corn on robinhood and buy back coinbase without it counting as a wash trade. I’m just thankful I was able to do that. I’m fully expecting the corn to tank 30% a week and a half before the halving. Its kind of like a game of musical chairs at this point.

[Anonymous No.18754875]

>>18754588
Thanks for the kindergarten-level TA. Note that the price can go sideways or even continue to rise while RSI goes down, source: your own fucking chart

[Anonymous No.18754963]

>>18754875
>muh bearish divergence

[Anonymous No.18754970]

>>18754662
Try daily or at least 4H, 1H is short term.

[Anonymous No.18754971]

>>18754588
>trading off of rsi

oh boy

[Anonymous No.18755002]

>>18754588
Oh no, guess it’ll back to 8k.

[Anonymous No.18755057]

>>18754588
how is rsi calculated and why is it relevant?

[Anonymous No.18755157]

>>18754970
>>18754662
>daily is over 70

[Anonymous No.18755198]

>RSI

[Anonymous No.18755283]

>>18754588
>security is becoming overbought
>bitcoin
>security

[Anonymous No.18755326]

[Anonymous No.18755603]

>>18755157
First:
Any RSI strategy would be based on a close, and the yesterday's candle closed below 70.
Second: 30-70 gives a bunch of false signals.

So what you're suggesting here is that a tight 30-70 range and a RSI value BEFORE the close is somehow meaningless? I've heard of aggressive trading before, but boy oh boy this is on another level.

[Anonymous No.18755641]

>>18755603
*meaningful
fuck

[Anonymous No.18755800]

>>18755603
What do you recommend? I've seen people use 66-33 and use a close back inside this range as a signal, other people use 80-20 and a close outside as a signal. Both seem ok-ish but I've never found any real arguments about whoch one to use.

[Anonymous No.18756053]

>>18755800
I don't recommend shit, I'm still in the process of learning so you shouldn't listen to me.
On of the things I did learn so far is a difference between aggressive and conservative, and what OP is implying is VERY aggressive, and I don't think anyone would trade it like that. If they did, they'd have a very low % of their account at stake, and probably a very high R:R.

[Anonymous No.18756317]

>>18756053
Alright thanks for answering nonetheless

[Anonymous No.18756529]

>>18756317
Np mate, be careful of online know-it-all's, not many people will admit that they don't know something

[Anonymous No.18756757]

>>18755800
I recommened you don't only use the RSI as a buy or sell signal. Pair it with the MACD and look for support/resistance levels

[Anonymous No.18756838]

Why are bizlets so dumb? If you are going to sell....then at least wait until right before the halvening. Bitcoin the bullish asf until maybe a sell the news dip before the mega bullrun.

[Anonymous No.18756998]

>>18756757
>Pairing an oscillator with another oscillator
Jesus Christ, what did I say right here: >>18756529

[Anonymous No.18757155]

>>18756998
Why is pairing oscilator with another oscilator bad?

[Anonymous No.18757479]

>>18757155
All oscillators show the same thing. Different accuracy in different circumstances, but ultimately the same thing.

[Anonymous No.18757717]

Sirs rsi is now important sirs, very important

[Anonymous No.18758017]

>>18754588
>giving a shit about boomer RSI when we're talking about the financial equivalent of investing in fire in a caveman world

[Anonymous No.18758133]

>>18754588

>1 hour chart.

This is how i know you are a faggot. you trade based on lower time frames.

Additionally, you dont know how to use RSI.
If BTC managed to hit 90, that shows extreme buying pressure and bullishness. It means typically, more to come.

90 RSI is never hit in bear phases, ever. ever. ever. go look.

last year when it broke 5k it hit 90 on RSI. thats when I went in.

Same goes for seeing super low values like 11. usually means extreme selling and worried market, typically in BTC it only happens at the start or in bear phases and gets followed up.

However, BTC always follows this rule more reliably on overbought for some reason. I guess it makes sense for an asset that has gone from 1$ to 20,000. its hyper bullish at its core over 12 year span.


So in other words, I dont expect a big correction after seeing this. maybe we'll dip back to like 8k at most, but i see $12-16K within 3 months happening now.

[Anonymous No.18758414]

>>18758133
Interesting perspective. Tell me one thing tho. Where did you learn to use an oscillator in a trending market, since they are supposed to be used short term, in a ranging market? Just werks and an original idea, or you read it somewhere? Not trolling, genuinely curious.

[Anonymous No.18758470]

>>18758414

Andrew cardwell Rsi zones. go

[Anonymous No.18758565]

>>18755603
i kinda like it for confirmation
like when you get a higher high in price and a lower high on the rsi

[Anonymous No.18758583]

>>18758470
Nice, thank you

[Anonymous No.18758761]

>>18758565
Yeah, the divergences. Those are supposed to be stronger signals than merely crossing a certain value. Much rarer tho.