Most Oversold Day in BTC History

For all those about to capitulate and sell:
This is now the most oversold Daily RSI since at least 2013

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Other urls found in this thread:

ccn.com/bitcoin-price-bitmex-ceo-doubles-down-on-bear-call-says-btc-could-fall-to-2000/
tradingview.com/x/qTiZDtGT/
twitter.com/NSFWRedditVideo

What do your meme lines tell us then?

2K incoming
ccn.com/bitcoin-price-bitmex-ceo-doubles-down-on-bear-call-says-btc-could-fall-to-2000/

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it will stabilize

I think it means the trend changed so now we must wait for the reset to use it again

>He unironically listens to niggers

stay poor

Habedin

weekly still has a long way to drop though

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>g-go up pls

What if we just moon downward back to worthlessness?

Most oversold week faggot

>cnn saying it will crash
this is a buy signal

>if it goes down, it must go up
If you drop a rock from the top of the World Trade Center, do you think it will bounce into the stratosphere?

what about when it flash crashed to a penny?

RSI can go all the way down to zero

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Not CNN, ccn

As other anons have pointed out, yes the weekly still has a way to go. As reference, the last time the weekly RSI was this low, was in September 2014, and it took 3 months for the absolute bottom to be reached, which was another 58% decrease.

On this low day, the RSI was also one of the lowest it has ever been. After this RSI low, the price had a dead cat of almost 20% followed by its ultimate decline of 58%, which ended at the historic weekly RSI low

What does this mean? I don't know, wait for the dead cat tomorrow or the day after and try to catch the top, or just hold on and pray to kek

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Physics doesn't necessarily apply to markets though, the rock wouldn't gain energy, but assets and commodities can easily gain energy from buying pressure.

thanks for the post, I'm definitely going to tether up a bit on a bounce heh... fuck

is the free willy whale this guy?

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>implying Tether won't fail with $5b tethered a day.

Going to 1800$ confirmed

>surely tether is safe

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I literally hear some dude outside yelling 'oh my god' every few minutes. Is this it? Are we there?

rsi doesn't work in crypto

>Implying it works with any kind of trading. People who use these indicators never back test them. They use them on faith alone.

Of course its oversold. It's dying. Oversold is a good thing, when an asset isn't fucking falling of a cliff.

macd is pretty good, but here in biz they see 1 minute charts so they will never make it

you bitches kept telling that since 10K lmao
look at the volume around 6K a few month ago it was the largest spike, the dead cat. it is going down. further down. back 1K or lower

Yep. And they jerk off making statements about "bulls and bears" like they have a clue what drives what's left of the market.

This is a consistent, orderly run for the exit. No clue why, but a LOT of money is leaving bitcoin right now.

yes it does feel like the market is collectively vomiting. purging itself. delicious sir

He was watching the Rams vs. Chiefs game. Normies don’t crypto

>he doesn’t know that RSI can go up but prices continue to fall down.

>that bot on GDAX that keeps selling groups of 1.0 BTC rapid fire

Maybe we really are on the bottom. Buy now.

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"what is slippage and how can I avoid it"

Hey folks, mean reversion trader here. Usually I just stick to the mean reversions on the smaller timeframes, though there's a great play coming up here shortly. Every time the 200 period has had an active price mass reading above the 0.9 value on the 4h chart in the last year, price reverted to the center of the data for the relative longest over expanded period. In this instance, that is currently the 500 MA.

"Oversold" isn't a useful metric. There's only trending and not trending, or the "expansion and compression" of distributions.

If you're rolling a snowball up a hill, it slowly gathers snow on it the further you push it. The more you push it in the same direction, the more mass the snowball accumulate (and the more force is required to continue pushing it.)

The snowball has never had this much mass, this year. So if a snowball starts rolling down the hill and has excessive mass, when it rolls back towards the base (the center of data, the mean,) it will rapidly accelerate.

This is typically known as a dead cat bounce, where the distribution sheds it mass so the snowball can once again be pushed up the hill without requiring excessive force. Again, center of data for the distributional mass is the 500 MA on the 4h chart, which at this current time is 6400 dollars.

As soon as bitcoin begins to move back up, that's what your target should be.

Happy trading everyone, make sure you don't panic sell the bottom.

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based ta user. even if this is a larp, it's nice to get some respite from this slaughter.

>Normies don’t crypto
More proof we're still early as fuck

>dentacoin still has mcap
>thinks memelines mean anything

The long term target is still the weekly 200 MA. On the macro perspective, the weekly distribution has been compressing and needs to return to the center of data before a new bullrun can begin on btc.

The long term target for btc is still 3800 dollars. You should not expect "moon lambo" until price stabilizes on this institutional benchmark.

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Why is this the mean? Are you anticipating that we are going much lower because it's a dead cat bounce?

Distributional mass is relative to each timeframe. A mean reversion on the 4h chart (which is the bounce we are expecting now) isn't as meaningful as the mean reversion as defined on the longer timeframe, the weekly chart, which has been the target as soon as last year's bullrun ended and the weekly distribution started compressing.

And for clarification, a distribution is just a bellcurve.

So you're saying we will be a bounce and go lower? Sorry I'm a brainlet

tradingview.com/x/qTiZDtGT/

is it finally time for me to buy???

You shouldn't buy until the 200 Weekly MA has been hit.
woops, didn't embed the image

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You can buy bitcoin now if you intend to make a short term play to the low 6,000's, or you can wait until btc hits the 200 weekly MA before buying for a long term hold position.

Happy trading!

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Which is what? $3800?

RSI is meant for divergence not about how “oversold” something you fucking retards. It can steadily keep selling all the way to 1. TA doesn’t care about how “oversold” or “overbought” something is.

Rsi is a meme.

This is over. Normies will never buy brc again

YOU FUCKING DELUDED BULL ITS OVER, GET IT THROUGH YOUR DAMN HEAD. THERE ARE WHALES WITH LITERALLY HUNDREDS OF THOUSANDS OF BITCOIN AND ARE STILL UP 1000S OF % THAT ARE MARKET SELLING US DOWN TO THE HUNDREDS. YOU STAND NO CHANGE WITH YOUR MEME LINES IN THIS MARKET FOR WHALES AND OGS.

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>btc hits the 200 weekly MA before buying for a long term hold position.

Which is?

$3000?

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>oversold
>bitcoin
think again user, everything above 250,- is overbought since last year.

The pump to 20k was the bankers printing fake monopoly money and using it to buy bitcoin and you are paying for that free printed monopoly money via inflation.

...

Which one is it. just spit it out already user

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Oh, now it's the banker's fault. After spending all year PLEADING for banks to jump in.

LOL. You delusional fuckers are hilarious.

^this chart

brother, RSI is king. Consistently profitable using one of the simplest RSI strategies ever.

Yeah, the 3,800

Rsi is actually a pretty inefficient indicator, not because it's broken or a bad indicator, but because it's only one variable only calculating momentum. Momentum is pointless without knowing mass or force.

Im thinking this too but too chicken to buy back even if it gets there, its not even an investment at this point, completely unpredictable. Sold at a 50% loss at 4700

So, long 10x @ 4600? Probably gonna do it tomorrow

Just went up. Seems to be finding support at 4600

LOL

You don't need more variables if the one is enough.

If RSI finds support, I long. If it hits resistance, I short. Reading it takes a lot of practice though.

This has helped me so more than chasing down a million variables and trying to factor them all into the decision.

"unpredictable"

Only if you aren't looking for the right information.

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OP on suicide watch

"you don't need more variables" is like saying you can tell how fast a pitcher throws just by listening. Do you think you're going to be outperformed by someone who has better metrics instead of using information that works because "everyone else uses it" and 'it's a proven standard?"

Based snowball. I will call out your name when the prophecy is fulfilled. Only to rejoice, not to seek greed.

Convincing the masses that all you need to dominate the markets is RSI, MACD, Fibonacci, and support and resistance levels was the greatest scheme of smart money. Why do you think 95% of traders lose money even though they're all using the "proven standard" of technical analysis? It's because smart money only wants you to think it works so they can make money off of you.

its like saying you can tell how fast the pitcher can throw by using your eyes.

You won't get 100% accuracy but chasing that is futile anyways.

I'd rather work on training my eye than trying to factor in weather, the height of the pitcher, the day of the week etc.

In a perfect world, all those variables could be factored in a way that would give you meaningful results. I just honestly feel, as someone that's tried the "tons of variables approach" that keeping it simple, as a retail trader is key.

There's people out there that can hit 80% winrate just on price action (something I can't do), there's other that can do the same with an RSI and MACD.

why are you sharing this?

lmao, check out Philakone on twitter, dude is an autistic fuck but he does live trading, posts his trades etc and he only uses MACD, RSI and level 2.

He's insufferable but has proven via a 3rd party (live trading and twitter) that he can do what he does with just RSI and MACD. Hell, he even went on a 30 days in a row without a loss, at least his public trades (which are live).

What price do you expect for EOY?

"maybe there is a better way of doing things, but I'm making money just fine and other people do as well even though they can't see the full picture."

There is a better way of doing things. If you can't define the fundamental paradigms that drive the function of the indicators and tools you use, why blindly trust them? Because they worked for you so far? Since you're up X amount on your portfolio and that's proof enough for you to continue trusting the safety line that someone else installed for you? You wouldn't repel down a mountain without checking if the rope is frayed would you?

"But I know the belt is hooked up correctly and I've made it down he mountain before!"

The rope always snaps eventually if you don't control all the variables.

There is no such thing as "good enough" when there is always someone out there with more money, resources, knowledge, training, experience, tools, power, and influence than you.

I do this for a living and enjoy it.

just say a number man why are you being so cryptic

pic related
Again, 3,800

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then what is the solution?

I'm 100% open to the potential of new information.

What are the indicators on your chart here?

Where did you learn all of this? Self taught?

How long have you been trading for?

Based. What indicators do you use and how does one get into mean reversion trading?

based. thanks for breaking it down for us brainlets.

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underrated post

>YFW the whale was right on the date

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Bollinger bands
CCI (which is a derivative of bollinger bands except using mean absolute deviation and a normalized mean)
Mark Whistler's WAVE PM (which is also a derivative of bollinger bands)
That's it.

I strongly recommend reading Mark Whistler's Macro to Micro to start, the basics of the concepts I use are in there. Volatility Illuminated is also a great one of his.

I learned some things from Mark personally but am primarily self taught. I've been trading for three years and started in forex.

If you have any future questions or need even more resources after finishing those books my tradingview username is astram22, feel free to message me on there. Since WAVE PM is an MT4 indicator I had it commissioned into pine so it could be used on tradingview as well, I can grant you access to it post reading.

Months ago this guy said btc to 50k by eoy and them immediately said his calls were all bs because he makes money on an increase in volume so he will say whatever will increase volume and income flow for his company.

>richer and smarter than you
>"obviously he's inferior!"
t. white supremacist

there's a sale on tiki torches at walmart bud

here's one of my charts from may. Prediction hasn't changed, we're still heading down to the weekly 200 just a little slower than expected.

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