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Bitcoin Chart Indicator Suggests Worst of Pullback May Be Over

From coindesk.com

Bitcoin’s bull market correction may be coming to an end, according to the relative strength index (RSI) – a technical indicator widely used to gauge momentum and identify overbought and oversold conditions. The 14-week RSI has now dropped to 53.00, a level that has consistently acted as solid support and marked an end of corrective pullbacks during the 2016-2017 bull run. The RSI support has come into play as bitcoin charted a 35% drop from $64,801 to $42,000 in the past four weeks. While Twitter comments from Tesla CEO Elon Musk look to have scared some retail investors into selling, there were already signs of ... (full story)

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  • Category: Technical Analysis