RE: Bitcoin respects the 150EMA, you probably should too.
Hi @bodaggin, Very interesting analysis using only the RSI! The last touch of the RSI was during August, You would have expected a more violent drop when It hit $6500 but it didn't,this was when the mass media adoption and Bull sentiment of Bitcoin kept the price up. I don't think the growth stage of Bitcoin is over yet and I do think until we hit the 30-45k mark, we won't be touching the RSI Line again.
We are expecting a 50% violent drop from 38-45k. If it does indeed hit those levels, I believe we'll see the -20k mark again, at that point touching the RSI line during June July of this year.
That's just my thoughts, I think your analysis idea is correct, but I don't agree with your predictions, anyway time will tell! Thankyou for this alternate view!
Cheers ~
Hi @synco. Above is actually the EMA Exponential Moving Average, or moving average. It averages the price of a security over a given number of days, in this case 150.
RSI is an oscillator you will find on the bottom of a chart (like volume), and RSI aims to show overbought and oversold conditions.
Best of luck on your journey with TA.
Oh wow, hahaha, I guess I can only laugh at myself now... well, you know what I meant and thank you! :D