🐋 $FIL daily RSI: 23.7, entering oversold territory.
RSI itself doesn’t move prices, but plenty of people watch it, and its readings influence many traders’ decisions.
“Overbought” means prices have risen quickly and substantially in the short term. It doesn’t mean there’s too much buying pressure, nor does it mean prices will fall immediately.
If you’re using leverage, keep extra margin so a single wick doesn’t liquidate your position.