🔥 Bitcoin 3-Day RSI Technical Analysis
In this analysis I want to take a closer look at Bitcoin's 3-day RSI. We're going to perform technical analysis on an indicator, which is always speculative. However, I'm convinced that the 3-day RSI can be used to determine when we're going to get a bullish trend in the future.
As you can see on the bottom of the screen, the RSI forms waves going from overbought (top) to oversold (bottom). When we connect the top with lower-highs we can create a nice descending resistance. Historically, when the RSI breaks out of said "RSI-resistance", we see a new bullish trend emerge. See yellow areas.
In the current market, BTC's RSI is still following a descending triangle pattern, with the top being in January 2021. Since then we had two RSI-tops, with a third one now in the making.
Two possibilities:
- The 3-day RSI breaks out through the RSI resistance, which will be the start of a new bullish trend, as per the yellow areas.
- The 3-day resistance will bounce off the resistance and go for a re-test of the oversold area. This is, seeing the current market, the most probable option. The longer it takes for the RSI to break out, the bigger the upward move will be!
As you can see on the bottom of the screen, the RSI forms waves going from overbought (top) to oversold (bottom). When we connect the top with lower-highs we can create a nice descending resistance. Historically, when the RSI breaks out of said "RSI-resistance", we see a new bullish trend emerge. See yellow areas.
In the current market, BTC's RSI is still following a descending triangle pattern, with the top being in January 2021. Since then we had two RSI-tops, with a third one now in the making.
Two possibilities:
- The 3-day RSI breaks out through the RSI resistance, which will be the start of a new bullish trend, as per the yellow areas.
- The 3-day resistance will bounce off the resistance and go for a re-test of the oversold area. This is, seeing the current market, the most probable option. The longer it takes for the RSI to break out, the bigger the upward move will be!
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