BTC RSI Is Approaching 29 On A Daily Chart. What Does This Mean?
The RSI of BTC on a daily chart is approaching below 30 (29, and expected to reach 29 when the BTC price hits somewhere between $6600 and $6900. I am expecting that BTC will have a nice recovery from that point on. Here is why. Since the beginning of the BTC uptrend in September 2015, every time that Bitcoins's D1 RSI went below 29 (Coinbase), there was a rapid and meaningful price recovery!
15 Jan 2016
Dip $357
5 days later $424 (19%+)
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02 Aug 2016
Dip $487
5 days later $596 (22%+)
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16 Jul 2017
Dip $1769
5 days later $2900 (60%+)
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14 Sep 2017
Dip $3227
5 days later $4130 (27%+)
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05 Feb 2018
Dip $6500
5 days later $9000 (38%+)
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