Two days ago bitcoin hitted $8500. Bitcoins current price kind of confusing. So I want to say that bitcoin might go for a down trend for a short period. Here's why.......
As you can see that the RSI line just crossed the 70 line and it's coming back below 70 line. So I am thinking that bitcoin may have a downtrend for a short period. But don't know about the long term. Now if you are trading for long time then you should know what RSI tells. If you are not then let me tell you what is RSI.
RSI tells if a share or coin is overbought or oversold. When the line of the RSI comes close to 70 line or cross it from the below, then it means the share or coin is overbought. Now this is really a risky level. You should not buy at these point. Because people who bought this coin or share just want to get rid of it. The price may fall at this point. And you should sell your coin ASAP. But I am not telling you to sell now. Do your own research.
Now if the line comes close to 30 line or cross it from the above, then it means the coin or the share is oversold. So now people will start to buy the coin or share. Because there is less seller the the price will eventually rise. And this is the buy point.
So guys if you want to buy any coin or share then please at least check the RSI once. And if you liked my post then please upvote my post. It will help a lot.