Oh no, guess it’ll back to 8k.
Bitcoin just hit over 90 on the overbought RSI
how is rsi calculated and why is it relevant?
>daily is over 70
>RSI
>security is becoming overbought
>bitcoin
>security
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.