RSI has already plunged to 19.1, $SOL is showing 81.41, but I actually feel like this level isn’t that scary anymore.
In plain English: an RSI of 19.1 means the drop has been sharp and relentless. It’s oversold in the short term, but oversold doesn’t mean it’s done falling. The 14-day low of 77.92 is right beneath us. If it holds, at least the bulls get a little breathing room; if it doesn’t, this leg down will make a new low.
I could be wrong, but I think it’s better to sit tight here than to make a move. Rushing to buy the dip could mean catching it halfway down. If I’m wrong, so be it. The key level is 77.92—if it breaks, it breaks.
With $SOL at an RSI of 19.1, would you wait for a confirmation signal, or do you think it’s so oversold that it’s time to make a move?
$SOL
#SOL #Market Analysis
In plain English: an RSI of 19.1 means the drop has been sharp and relentless. It’s oversold in the short term, but oversold doesn’t mean it’s done falling. The 14-day low of 77.92 is right beneath us. If it holds, at least the bulls get a little breathing room; if it doesn’t, this leg down will make a new low.
I could be wrong, but I think it’s better to sit tight here than to make a move. Rushing to buy the dip could mean catching it halfway down. If I’m wrong, so be it. The key level is 77.92—if it breaks, it breaks.
With $SOL at an RSI of 19.1, would you wait for a confirmation signal, or do you think it’s so oversold that it’s time to make a move?
$SOL
#SOL #Market Analysis