Technical Analyst Says that RSI of Bitcoin Shows that Bitcoin Hasn’t Oversold in Four Years

2019-2-8 00:57

The Relative Strength Index (RSI) is a measurement of the impact that recent price changes have had, ranked on a scale of 0 to 100, which is applied to Bitcoin. When the reading is below 30, Bitcoin is considered to be undersold, while reading over 70 is considered to be overbought. A technical analyst at Fundstrat Global Advisors, Rob Sluymer, pointed out that this is the lowest level that the RSI has seen in four years.

Specifically, in a research note to clients of the company, Sluymer said,

“BTC is again at historically oversold levels and is retesting important support that needs to hold to suggest a bottom is developing.”

In 2015, Bitcoin was considered oversold, taking up most of the year to move back up.

With the recent lows in December, there is a chance of another 20% decline. As reported by MarketWatch, Sluymer explained,

“A break below the Q4 lows at BTC 3100 would imply a decline to 2270 while a move above BTC 4200 is needed to signal BTC is beginning to improve.”

It is important to note that Bitcoin hasn’t closed higher than $4200 since the end of November last year.

Still, there are some people who are optimistic about the crypto winter coming to a close. The average prediction amongst industry participants is that Bitcoin will end 2019 at $6549, based on a recent Finder.com survey.

Blockchain consultant Joe Raczynski from Washington, D.C., said, “As it stays here, its stability will at some point foster positive gains as development continues.” The consultant has expressed that his Bitcoin target for the year is $8000, stating that Bitcoin would earn more investors if the global market were to show instability.

Anyone watching the charts are more realistic or even pessimistic about where Bitcoin is going, considering that January was the 7th month in a row that Bitcoin showed decline value. Sluymer said,

“A successful retest of the Q4 lows developing into a double bottom price pattern remains a possibility, but the price structure for most cryptocurrencies remains weak and appears vulnerable to a pending breakdown to lower lows.”

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Èñòî÷íèê: bitcoinexchangeguide.com

bitcoin considered → Ðåçóëüòàòîâ: 126


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Bitcoin Price Analysis: Major Support Broken on Expanding Volume and Spread

After weeks of consolidation, bitcoin finally broke through support. The market now finds itself cruising toward prior lows. On expanding volume and spread, the bitcoin market appears ripe for a continuation of the downtrend:Figure 1: BTC-USD, Daily Candles, Broken SupportAlthough the current daily candle has yet to close, unless there is a strong influx of demand hitting the market, it stands to reason that bitcoin will be closing a new daily low for the first time since mid-December.

2019-1-29 02:01


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Bitcoin Price Analysis: Strong Move Likely Following Tightly Coiled Market

Days and days of sideways consolidation and tightening volume has been the name of the game for the bitcoin market. A narrow range of $200 has caused a weeks worth of activity to coil and consolidate in preparation for bitcoin’s next move:Figure 1: BTC-USD, Daily Candles, Narrow RangeThe figure above shows just how narrow the range has been over the last week as the market has continued to grind out support and fail to break above overhanging resistance.

2019-1-26 03:13


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Bitcoin Price Analysis: Bitcoin Tests Boundary Support as Demand Weakens

Following last Friday’s drop, bitcoin has found itself coiled, once again, at the bottom of the range it established back in December. With the current market unable to close a new high, the market finds itself in a precarious position:Figure 1: BTC-USD, Daily Candles, Range Support TestThe blue support level shown above illustrates the boundary of the multi-week range bitcoin has been bound by.

2019-1-18 02:02


Ôîòî:

Crypto-Friendly Statesman Takes Over Swiss Presidency

After serving as finance minister of one of the most economically influential nations over the past three years, Ueli Maurer is now starting his term as President of the Swiss Confederation. Given his track record and liberal views regarding fintech regulation, Maurer’s election is considered a positive development for the Alpine nation’s expanding crypto industry.

2019-1-6 14:00


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Texas Updates Regulatory Guidance Regarding Cryptocurrency Activities

The Texas Department of Banking has published new guidance regarding the regulatory treatment of virtual currencies under the Texas Money Services Act. The document states that most transactions involving cryptocurrencies will not be considered a transfer of “monetary value” but the exchange of virtual currencies for fiat will likely be recognized as a “money transmission.

2019-1-5 21:00


Ôîòî:

Bitcoin Price Analysis: Range-Bound Market Coiled for Next Move

For the better part of a month and a half, bitcoin has been fairly range-bound and unable to establish new lows or new highs. There are some bullish and bearish setups on the horizon for bitcoin, so let’s check out both sides of the argument because currently the market is sitting in the middle of Indecisionville — the most immediate sign of which is this glaringly obvious head-and-shoulders bottom reversal pattern:Figure 1: BTC-USD, Daily Candles, Head-and-Shoulders BottomThis current pattern is nothing more than a setup at the moment, but it represents one potential outcome of this sustained consolidation.

2019-1-4 02:22


New Report Shows Bitcoin (10 Years) and Gold (1,000s of Years) Share Strong Market Correlation

In general, Bitcoin (BTC) has always been considered as a non-correlated asset in the market. Its price was usually guided by other forces that traditional markets did not follow. However, in a recent report shared by The Wall Street Journal (WSJ) Bitcoin is becoming more correlated to assets such as Gold. In order to understand […]

2018-12-29 21:48


Ôîòî:

Maduro’s Promotion of the Petro Yet to Yield Results

Venezuelan President Nicolas Maduro has been tirelessly promoting the petro, ever since his administration announced the creation of what is now considered the first state-issued cryptocurrency. Although no one is really sure whether the coin actually works, Venezuelans have already seen their salaries denominated in the national crypto and their pensions converted to petro.

2018-12-27 12:15


Ôîòî:

Bitcoin Price Analysis: Bear Pennant Breakout Puts $1,700 Price in Sight

Another week, another low. Bitcoin’s market has been bleeding relentlessly for weeks and now, after falling 50% in value in just one month, the market has managed to break south of a major bearish consolidation pattern called a bear pennant:Figure 1: BTC-USD, 4-Hour Candles, Bear Pennant BreakoutThis is a massive bear pennant with a staggering $2,000 measured move.

2018-12-12 01:52


Ôîòî:

Bitcoin Price Analysis: Wait and See Where Recent Signs of Strength Lead

This week realized a big gain as bitcoin enjoyed a 25% rally from its local bottom before topping out around $4,400. Support currently appears to be established in the mid-$3,000s as the market remains indecisive over its next move:Figure 1: BTC-USD, Daily Candles, Current Support LevelFigure 1 shows the relevance of the current support level as it represents a previous support level that was never properly retested during last year’s parabolic bull market.

2018-11-30 01:45


Ôîòî:

WTO Report: Blockchain Technology Could Add $3 Trillion to International Trade by 2030

A report published by the World Trade Organization (WTO), on November 27, 2018, claims that blockchain technology could potentially add $3 trillion to international trade and finance by 2030. However, it also mentioned that blockchain should not be considered a panacea, and a careful cost versus benefit estimate is required during its application.

2018-11-29 18:00


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