BTC 15-min chart analysis: price pulling back

23 Ara 2023

This is a theory I have been testing for 3 months now. This chart analysis technique is all based from RSI movement and data.

Bearish line is drawn by connecting red candles with corresponding lowest/lower RSI 'peak'. Bullish line is drawn by connecting green candles with corresponding highest/higher RSI 'peak'. I used the highest and lowest price of each candles. Connecting these lines usually forms triangular structures and trend lines. Price seems to respect these lines.

Also, a technique I used to help determine if price will break the reigning candles level is by comparing the price and corresponding RSI values. In this chart, the reigning candle's price level is 43970 with 65.67% RSI value and compared with the current green candle with price level of 43750 with 62.03% RSI. RSI of reigning candle is still greater than RSI of current candle. It is a pretty narrow difference but the price of both candles is quite big with 0.5% difference, so it seems the current candle would need more momentum to break the reigning candle's level. Thus, price must retest the 1 hour bullish line level to gather more momentum. The price is then likely to follow the 1 hour bullish line path.

/please DYOR/trade at your own risk