Trading Bitcoins – RSI Edge Analysis
Bitcoins – The BTC/USD is still looming into a resistance zone. As we have mentioned in the previous updates, unless the levels of 12730 are not taken out distinctly the stance remains neutral. Price action needs to be watched at the said levels. Any bearish candle formation will be a good low risk entry at the point. The RSI is still tilting down, not displaying any bullish enthusiasm.
Dropping down to the hourly charts, a typical neutral phase is displayed in the RSI charts, where it refuses to move above the 70 – 30 levels. 11100 levels are strong support levels. The RSI has dipped to 30 levels and a deep RSI over sold levels does not rule out a upside. Prices are on support and RSI in the oversold zone a pullback is expected. However 11690 – 11700 levels may act as resistance.
To summarize, the daily charts are neutral while the hourly charts signal some pullback, provided 11100 holds (hourly closing basis)