Saturday, 4 December 2021

Bitcoin Monthly RSI and Bitcoin Plunged Overnight


Relative Strength Index is the "RSI".The so-called relative strength index is a technical indicator used in the analysis of various financial markets. It is intended to chart the current and historical strength or weakness of a stock or market based on the closing prices of a recent certain trading period. The important indicator should not be confused with relative strength.

The RSI is classified as a momentum oscillator, measuring the velocity and magnitude of price movements. Momentum is the rate of the rise or fall in price. The RSI computes momentum as the ratio of higher closes to lower closes: stocks which have had more or stronger positive certain changes have a higher RSI than stocks which have had more or stronger negative changes.

The RSI is most typically used on a 14-day timeframe, measured on a scale from 0 to 100. The RSI certainly provides signals that tell investors to buy when the security or currency is oversold and to sell when it is overbought.

Bitcoin Monthly RSI is interesting. The Bitcoin relative strength index is useful in identifying where Bitcoin is in a market cycle. With this in mind, see smaller time frames and then work the way up to the monthly RSI of Bitcoin to understand where we currently are in the market cycle. Try to predict where the price of Bitcoin is going.

The following Bitcoin news is from Dec. 4, 2021. Unfortunately, it seems that Bitcoin has plunged overnight. As of 10:30 am EST Saturday, the Bitcoin cryptocurrency had dropped more than 13 per cent in the previous 24 hours, from US$56,294 to US$48,309. Unfortunately, this is a loss of almost US$8,000. Bitcoin had its all-time high last month. Bitcoin reached almost US$69,000 on November 9.

The decrease of bitcoin price follows a volatile week for financial markets. The Coronavirus Omicron variant scared investors and stock market prices decreased.

Data from a certain platform (called Coinglass) showed that nearly US$1 billion worth of cryptocurrencies had been liquidated over the past 24 hours. The bulk of that was on digital exchange Bitfinex.

Many large (based on the volume) cryptocurrency exchanges exist. Here are some of the names:

Binance
Bitfinex
Bithumb
Bitstamp
Coinbase
Huobi
Kraken
OKEx
Upbit

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