Bitcoin just hit over 90 on the overbought RSI

Traditional interpretation and usage of the RSI are that values of 70 or above indicate that a security is becoming overbought or overvalued and may be primed for a trend reversal or corrective pullback in price. An RSI reading of 30 or below indicates an oversold or undervalued condition.

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You are looking at the 5 min chart you absolute brainlet

>overbought
>free money

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>he follows rsi
>he wonders why he’s still poor

literally say 60 minute you mongoloid

4h is at 83, daily is over 70

I was finally able to sell my corn on robinhood and buy back coinbase without it counting as a wash trade. I’m just thankful I was able to do that. I’m fully expecting the corn to tank 30% a week and a half before the halving. Its kind of like a game of musical chairs at this point.

Thanks for the kindergarten-level TA. Note that the price can go sideways or even continue to rise while RSI goes down, source: your own fucking chart

>muh bearish divergence

Try daily or at least 4H, 1H is short term.

>trading off of rsi

oh boy

Oh no, guess it’ll back to 8k.

how is rsi calculated and why is it relevant?

>daily is over 70

>RSI

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>security is becoming overbought
>bitcoin
>security

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First:
Any RSI strategy would be based on a close, and the yesterday's candle closed below 70.
Second: 30-70 gives a bunch of false signals.

So what you're suggesting here is that a tight 30-70 range and a RSI value BEFORE the close is somehow meaningless? I've heard of aggressive trading before, but boy oh boy this is on another level.

*meaningful
fuck

What do you recommend? I've seen people use 66-33 and use a close back inside this range as a signal, other people use 80-20 and a close outside as a signal. Both seem ok-ish but I've never found any real arguments about whoch one to use.

I don't recommend shit, I'm still in the process of learning so you shouldn't listen to me.
On of the things I did learn so far is a difference between aggressive and conservative, and what OP is implying is VERY aggressive, and I don't think anyone would trade it like that. If they did, they'd have a very low % of their account at stake, and probably a very high R:R.

Alright thanks for answering nonetheless

Np mate, be careful of online know-it-all's, not many people will admit that they don't know something

I recommened you don't only use the RSI as a buy or sell signal. Pair it with the MACD and look for support/resistance levels

Why are bizlets so dumb? If you are going to sell....then at least wait until right before the halvening. Bitcoin the bullish asf until maybe a sell the news dip before the mega bullrun.

>Pairing an oscillator with another oscillator
Jesus Christ, what did I say right here:

Why is pairing oscilator with another oscilator bad?

All oscillators show the same thing. Different accuracy in different circumstances, but ultimately the same thing.

Sirs rsi is now important sirs, very important

>giving a shit about boomer RSI when we're talking about the financial equivalent of investing in fire in a caveman world

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>1 hour chart.

This is how i know you are a faggot. you trade based on lower time frames.

Additionally, you dont know how to use RSI.
If BTC managed to hit 90, that shows extreme buying pressure and bullishness. It means typically, more to come.

90 RSI is never hit in bear phases, ever. ever. ever. go look.

last year when it broke 5k it hit 90 on RSI. thats when I went in.

Same goes for seeing super low values like 11. usually means extreme selling and worried market, typically in BTC it only happens at the start or in bear phases and gets followed up.

However, BTC always follows this rule more reliably on overbought for some reason. I guess it makes sense for an asset that has gone from 1$ to 20,000. its hyper bullish at its core over 12 year span.


So in other words, I dont expect a big correction after seeing this. maybe we'll dip back to like 8k at most, but i see $12-16K within 3 months happening now.

Interesting perspective. Tell me one thing tho. Where did you learn to use an oscillator in a trending market, since they are supposed to be used short term, in a ranging market? Just werks and an original idea, or you read it somewhere? Not trolling, genuinely curious.

Andrew cardwell Rsi zones. go

i kinda like it for confirmation
like when you get a higher high in price and a lower high on the rsi

Nice, thank you