“RSI Oversold but history is worrying on this” by trader weblyish — published March 08, 2018 — TradingView

RSI for the 4h on BTC             is very oversold right now, usually a great sign of a bounce incoming but BTC             being BTC             often fakes out the other way.

since the high last year the RSI has hit similar levels 4 times before

Gains following this have been around 25% – 30% in the 2 days after each time but its a bumpy path,

As you can see in the february dip (blue arrow) you could have been right back on the downtrend if you held any longer than 3 days and you;d have lost money if you bought when we first hit <30 on RSI

Timing is key on this

I’m expecting a 20%+ bounce but have set sells on the way up so I’d be out before we got there just in case it was a quick turnaround again

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