BitcoinLong
BTCUSD RSI 5 Method Update
Evening everyone. Typical disclaimer...not financial advice or trade signal.
Beginning of the move based on the bottom to top cross of the RSI with accompanying price action is highlighted. Long position still in play since we didn't get a downward cross of the RSI mid-line or the buy/sell line. The daily candle closing in the bottom half of its range is something to take note of if you enjoy candlestick/chicken bone voodoo. RSI closed >90 - not a top indicator, just says momentum to the upside is strong but noted on the left that it doesn't hang out in that range for long. ATR closed with a downward angle...maybe volatility drops a little and it consolidates, or maybe sellers take over.
If I'm a daily chart trader, my stop is 1.5x ATR which would be roughly 10.1k. If I'm a HODL'r with funds to deploy, they're still on the sideline while price wanders around in space away from the buy/sell line and the RSI is still on top of mid-line.
Four hour chart didn't get a downward cross but it did get some weak red candles that closed mid-section or bottom half.
Hour chart had a downward cross, came back above, and is pointed lower again.
Bonus - check the GBTC price ATH relative to BTC. I looked on Friday and noticed that BTC reached about 47% of ATH while GBTC is around 35%. Value play if you have funds. Just a thought.
Questions, thoughts, comments welcomed.
Beginning of the move based on the bottom to top cross of the RSI with accompanying price action is highlighted. Long position still in play since we didn't get a downward cross of the RSI mid-line or the buy/sell line. The daily candle closing in the bottom half of its range is something to take note of if you enjoy candlestick/chicken bone voodoo. RSI closed >90 - not a top indicator, just says momentum to the upside is strong but noted on the left that it doesn't hang out in that range for long. ATR closed with a downward angle...maybe volatility drops a little and it consolidates, or maybe sellers take over.
If I'm a daily chart trader, my stop is 1.5x ATR which would be roughly 10.1k. If I'm a HODL'r with funds to deploy, they're still on the sideline while price wanders around in space away from the buy/sell line and the RSI is still on top of mid-line.
Four hour chart didn't get a downward cross but it did get some weak red candles that closed mid-section or bottom half.
Hour chart had a downward cross, came back above, and is pointed lower again.
Bonus - check the GBTC price ATH relative to BTC. I looked on Friday and noticed that BTC reached about 47% of ATH while GBTC is around 35%. Value play if you have funds. Just a thought.
Questions, thoughts, comments welcomed.
Disclaimer
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