Bitcoin for long Hold ! RSI study on higher timeframe chart !
1D chart
Hellow guys what's up ! Hope everyone is doing fine ! See the graph carefully ! Earlier bitcoin touched most of times 80 to 83 in RSI graph and on downside 30 in RSI graph ! ( means the max RSI around 83 while lowest being 30) . But this time we went ahead to 92 ( of course that is something that will not continue for long and will be pushed back) . Bitcoin rose still but at less momentum ( went down though and came back ). But bcz of this less momentum ( staying at high RSI for long leads to it) we can see clear divergence ( RSI made a lower high but bitcoin made a higher high - see graph carefully) . Making Divergence above 70 is a clear sign of huge trend reversal we are going to face ( and we did ) ! Now this time we waited for it to touch 30 RSI so that we could buy and hold for very long ( Btc keeps touching 30 RSI - though takes lot time - see graph carefully - but does it). So now 6600 usd it touched 30 RSI ( many people bought BTC on that range ). Anyways we went below 30 to 25 ( the down RSI goes the more compression or overselling indications) . If you don't buy BTC at too low RSI ( for long time holders) you are missing an opportunity ! Try selling at overbought point and try buying at oversold points. Another major thing you see in bitcoin is the RSI always keeps making tilted resistances ( see graph carefully - u can draw more of those white tilted lines i made few) see how RSI moves ! We we still low in RSI graph ( and surely we will see 84 around ones more though it will take time- we are analysing 1D graph where each candle means 1 D so you can guess how much time it will take to get that value ) ! What i mean is some people saying we are in overbought situation ( we are far from it) . Well if you are using 4H graph or 2H graph that is another thing ( i use 5m chart while trading and keeps checking with other timeframes also). Still the market has not got the momentum which it has been repeating since long and it will get it ! You can also see the MACD graph in this ( i like histogram that helps me a lot) ! using both RSI and MACD as you can see helps us more ! The two lines of MACD doesn't seem like coming close to each other so for longer HODL its still good ! Anyways this was for long term ! If average term is concerned you can see that We fell from 19.5k around ( trend reversal) to 6.5k ( completing long down elliot) and now already on upgoing Elliot ( in its fifth phase ) You can see other idea attached with that to understand that . I wanted to add more to it ! Will make a youtube video on connecting EMA of fibonacci numbers to RSI to make RSI more accurate ! Will explain it here also in some other graph ! But so many things in one graph will make it congested. Overall i mean if you are using btc 1D chart the higher point is 80 (don't give much importance to 70.. give to 80 in case of BTC) and lower point is 30 ( well it hardly goes below that ). I wanted to add more indicators but not adding for complexity reason !
Hellow guys what's up ! Hope everyone is doing fine ! See the graph carefully ! Earlier bitcoin touched most of times 80 to 83 in RSI graph and on downside 30 in RSI graph ! ( means the max RSI around 83 while lowest being 30) . But this time we went ahead to 92 ( of course that is something that will not continue for long and will be pushed back) . Bitcoin rose still but at less momentum ( went down though and came back ). But bcz of this less momentum ( staying at high RSI for long leads to it) we can see clear divergence ( RSI made a lower high but bitcoin made a higher high - see graph carefully) . Making Divergence above 70 is a clear sign of huge trend reversal we are going to face ( and we did ) ! Now this time we waited for it to touch 30 RSI so that we could buy and hold for very long ( Btc keeps touching 30 RSI - though takes lot time - see graph carefully - but does it). So now 6600 usd it touched 30 RSI ( many people bought BTC on that range ). Anyways we went below 30 to 25 ( the down RSI goes the more compression or overselling indications) . If you don't buy BTC at too low RSI ( for long time holders) you are missing an opportunity ! Try selling at overbought point and try buying at oversold points. Another major thing you see in bitcoin is the RSI always keeps making tilted resistances ( see graph carefully - u can draw more of those white tilted lines i made few) see how RSI moves ! We we still low in RSI graph ( and surely we will see 84 around ones more though it will take time- we are analysing 1D graph where each candle means 1 D so you can guess how much time it will take to get that value ) ! What i mean is some people saying we are in overbought situation ( we are far from it) . Well if you are using 4H graph or 2H graph that is another thing ( i use 5m chart while trading and keeps checking with other timeframes also). Still the market has not got the momentum which it has been repeating since long and it will get it ! You can also see the MACD graph in this ( i like histogram that helps me a lot) ! using both RSI and MACD as you can see helps us more ! The two lines of MACD doesn't seem like coming close to each other so for longer HODL its still good ! Anyways this was for long term ! If average term is concerned you can see that We fell from 19.5k around ( trend reversal) to 6.5k ( completing long down elliot) and now already on upgoing Elliot ( in its fifth phase ) You can see other idea attached with that to understand that . I wanted to add more to it ! Will make a youtube video on connecting EMA of fibonacci numbers to RSI to make RSI more accurate ! Will explain it here also in some other graph ! But so many things in one graph will make it congested. Overall i mean if you are using btc 1D chart the higher point is 80 (don't give much importance to 70.. give to 80 in case of BTC) and lower point is 30 ( well it hardly goes below that ). I wanted to add more indicators but not adding for complexity reason !
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