The #Bitcoin relative strength index (RSI) is useful in understanding the strength or weakness of #Bitcoin at any given time on various time frames. In this video we take a look at the daily, weekly, and monthly RSI of #Bitcoin and the general implications of this on various outcomes.
XLM/USDT is starting to look somewhat overextended to the downside with the weekly RSI only just about the 30 level, a level at which we have historically not fallen below. That being said, the last time we approached the 30 level for the first time, it marked the the slowing down of a continuing downtrend as opposed to the end of it.
The next likely support as seen on the weekly chart is the $0.075 level as marked by the volume profile’s peak volume range.
Given that we are in a descending wedge, there is some possibility that we find support sooner at approximately the $0.095 level.
On the 4hour chart we are seeing some possibility of a double bottom just above the psychological $0.1 support level from which we had a big bounce last time but the market still favors the bears.
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