So I have marked with pink circles every time the RSI has descended from overbought thru the 47 mark that we are at now, and the corresponding drop in price since the Feb highs.
If you refer to my previous chart this too proved a very accurate measure of the weak knees evident at high RSI values where I predicted a likely bounce at the 200 day MA.
The dark Blue downward trendline is the one that began in December 2017 and may provide solid support at about 7,600 providing the RSI drops down into the low 30's or High 20's. If NOT then maybe we will see BTC available at level not seen since earlier in 2017.
Hoping for some healthy profits beyond all this...
Hello! Could you please tell on what basis (levels or smth else) did you draw that line on RSI? I see that it is pretty convenient, but how to make it?
Acwood
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@Cpt_Leonid, Hi Thanks for your comment, i just drew a horizontal line level with the current RSI value and checked it effect over the last couple of months on the BTC Price. There are drawing tools down the left hand edge of the Chart that you can use to mark significant events. Is that what you meant?
Cpt_Leonid
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@Acwood, oh, okay, so you just drew it from the exact point where the RSI is now. I asked, if you didn't understand me right, why did you draw that line on that specific level (around 47):) Thank you!