Daily RSI on $BTC just slipped to around 24. Everyone on my feed is calling it the bottom signal. I'd slow down a bit.
Here's what the Binance daily chart actually shows. Bitcoin closed near $74K on Nov 11, and it's now sitting around $68K, about 8% lower in roughly two days. The 14-day RSI first dipped under 30 yesterday and keeps sliding. $ETH is under $1,930, down close to 5% on the day.
Now the part people skip. I went back through the data. In February, RSI hit 15.8 right as BTC printed $62.9K. In June it got down to 15.5 around $60.9K, and that came after BTC had already traded near $66.8K with RSI at 22. Oversold told you almost nothing about how much further it could go. At 24, we're not even at those extremes yet.
My view: RSI under 30 says the move is stretched, not that it's finished. Sellers can stay in charge far longer than feels reasonable. I've seen oversold readings in 2018 and 2022 that looked like "obvious" bounces and then bled for weeks.
What I'm watching instead:
• whether $67.5K, today's low, holds on a daily close
• a green day on real volume, not a thin bounce
• ETF flows stopping the bleed
Are you treating this as a setup, or waiting for the market to prove it?
#Bitcoin #RSI #Oversold #CryptoMarket #BinanceSquare
Not financial advice. DYOR.
Here's what the Binance daily chart actually shows. Bitcoin closed near $74K on Nov 11, and it's now sitting around $68K, about 8% lower in roughly two days. The 14-day RSI first dipped under 30 yesterday and keeps sliding. $ETH is under $1,930, down close to 5% on the day.
Now the part people skip. I went back through the data. In February, RSI hit 15.8 right as BTC printed $62.9K. In June it got down to 15.5 around $60.9K, and that came after BTC had already traded near $66.8K with RSI at 22. Oversold told you almost nothing about how much further it could go. At 24, we're not even at those extremes yet.
My view: RSI under 30 says the move is stretched, not that it's finished. Sellers can stay in charge far longer than feels reasonable. I've seen oversold readings in 2018 and 2022 that looked like "obvious" bounces and then bled for weeks.
What I'm watching instead:
• whether $67.5K, today's low, holds on a daily close
• a green day on real volume, not a thin bounce
• ETF flows stopping the bleed
Are you treating this as a setup, or waiting for the market to prove it?
#Bitcoin #RSI #Oversold #CryptoMarket #BinanceSquare
Not financial advice. DYOR.
