Indicator has flashed on Bitcoin RSI - 11k in sight or big drop?
Updated
On a daily log chart you can see BTC increases in price 75% of the time when this important indicator appears. Some increases were dramatic.
The purple down arrows on the RSI shows where BTC crossed the RSI level of 70 after hitting the lower part of the middle purple channel at the 30 level earlier(shown by the green up arrows).
The 2 red arrows show where this crossing was a false breakout. In every other instance shown by purple down arrows, BTC increased value.
When there was a false breakout, BTC dropped sharply quite quickly after the false breakout.
What colour will the grey arrow that just flashed on the RSI turn to, Red or Purple?
Happy trading legends!
HTBB
The purple down arrows on the RSI shows where BTC crossed the RSI level of 70 after hitting the lower part of the middle purple channel at the 30 level earlier(shown by the green up arrows).
The 2 red arrows show where this crossing was a false breakout. In every other instance shown by purple down arrows, BTC increased value.
When there was a false breakout, BTC dropped sharply quite quickly after the false breakout.
What colour will the grey arrow that just flashed on the RSI turn to, Red or Purple?
Happy trading legends!
HTBB
Note
Looks to me like the grey arrow turned Red signifying a sharp drop in prices. Going off the last 2 times this happened, best time to buy would be when RSI hits 30 level which means BTC will drop lower in price from where we are now.
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