This is the BTC/USD weekly chart (BITSTAMP Exchange) and Relevant Strength Index Oscillator aka RSI indicator.
What could extract from this chart?
We can see clearly 3 long BEAR MARKETS despite since 2012, Bitcoin has crashed and rise 13 times with many of those falls larger in percentage terms than the latest 2018 correction.
Also, having a look on when the RSI has marked an OVERSOLD condition, it seems evident to discover that the first and the second LONG BEAR MARKETS finished at the very same point on which RSI touched that condition:
Actually if we zoom-in, the BEAR MARKET 2 touched two times the oversold condition before ending the correction in an interval of time which last 3.5 months:
Should we expect another TEST of the oversold condition on RSI?
History repeats?
BITCOIN touched the oversold condition on December the 10th last year. One month an a half has been passed since then and, despite the market has become a boring environment since then, I have the feeling that the end of the correction is very near...if not already reached on December.
Patience.
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
Published by Toofasteddie
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