Bitcoin Whales Stay Away Even as Technical Indicator Flashes Oversold

1/24/2022 11:46:00 AM

RSI can stay oversold longer than dip buyers can stay solvent.

Bitcoin whales stay on the sidelines, weakening the case for a quick trend reversal higher. reports godbole17

RSI can stay oversold longer than dip buyers can stay solvent.

Jan 24, 2022 at 8:45 a.m. UTCThe cryptocurrency's 14-day relative strength index (RSI), a popular momentum indicator, has dipped under 30, supposedly hitting lifetime lows and representing oversold conditions.According to Jitesh Tipe, founder and CIO at Mumbai-based crypto asset management firm MintingM, the weekly chart RSI is nearing 35, a level that has marked price bottoms in the past.

DailyFX notedAs of writing, there were no signs of renewed buying by large investors, with supply held by entities owning at least 1,000 BTC stagnant, having decoupled from rising prices in late September.similar divergence

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Chainlink Flips MATIC as Most-Traded Token, but ETH Whales Are Grabbing BothAccording to the recent analytics data, LINK has flipped MATIC and become the most-traded cryptocurrency among major ETH whales WhaleStats whale_alert सबसे अच्छा Cryptocurrency 2022 में निवेश करने के लिए👇👇 shib cryptocurrency, shibainu, shibainucoin, WhaleStats whale_alert It’s a strong choice.

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Bitcoin's RSI is Now at the Most Oversold Level Since the March 2020 COVID CrashBitcoin's RSI is currently as oversold as it is during the infamous COVID crash that took place in March 2020. Hey, have you seen this Meta2Earn project? They will develop game artifacts for the most popular Play2Earn games and metaverses. For example, for decentraland!

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Top 5 cryptocurrencies to watch this week: BTC, LUNA, ATOM, ACH*, FTMBitcoin price is oversold, meaning a relief rally could trigger a short-term bounce in $LUNA, $ATOM, FTM and LEO, but generally the overall trend remains bearish. Them Bulls will be selling shortly with a greater loss. Panic? Cointelegraph are you drunk? The longer you are in crypto the bigger the swings. It starts with hundred then thousands, tens of thousands, hundreds of thousands than millions. If you believe and know what you own don't sweat the swings. Buy the dip, only invest what you are willing to lose.

BTC price falls to $34K as Bitcoin RSI reaches most 'oversold' since March 2020 crash⬆ +11 BTC price falls to $34K as Bitcoin RSI reaches most 'oversold' since March 2020 crash $BTC bitcoin XBT

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Bitcoin Slumps to $35,600; Peter Schiff Expects Flash Crash Once BTC Breaks Below $30,000ICYMI: according to Peter Schiff's prediction, once $BTC breaks below $30,000, it will face a flash crash Bitcoin BTC BTCprice 666 666

By Jan 24, 2022 at 8:45 a.January 22, 2022 LINK and MATIC are on the list of most popular coins Even though, both MATIC and LINK are among the top ten cryptocurrencies that are purchased most often by top has so far flipped the native token of Polygon as the most traded asset, as per the data provided by WhaleStats.» Bitcoin’s RSI is Now at the Most Oversold Level Since the March 2020 COVID Crash Bitcoin’s RSI is Now at the Most Oversold Level Since the March 2020 COVID Crash Author: Last Updated Jan 22, 2022 @ 17:55 Bitcoin’s RSI is currently as oversold as it is during the infamous COVID crash that took place in March 2020.announced a purchase of 410 Bitcoin at an average price of roughly $36,585 per coin.

m. UTC Updated Jan 24, 2022 at 8:45 a. FTT remains the largest token by the USD value in the wallets of the largest 1,000 ETH whales.m.7 trillion. UTC Bitcoin's daily chart with relative strength index (Source: TradingView) While bitcoin's price slide appears overdone on technical charts, demand from whales or large crypto investors remains elusive, signaling a low probability of a quick trend reversal higher. In the past twenty-four hours, overall a total of 386,464 LINK has been purchased by ETH whales ranked 140, 141 and 4. The cryptocurrency's 14-day relative strength index (RSI), a popular momentum indicator, has dipped under 30, supposedly hitting lifetime lows and representing oversold conditions. The selling continued on Jan.

An under-30 RSI reading means the market has fallen too fast, and bears may now take a breather, leaving the market rangebound. The overall amount of this crypto bought constitutes $7,327,414 in fiat.7%, BNB is down 27. Bitcoin traded in a sideways manner above $30,000 for several weeks following the previous oversold reading registered on May 20, 2021. "Daily RSI at all-time lows doesn't mean that bitcoin has bottomed out. In our opinion, a good consolidation phase is required to build confidence for investors to re-enter the markets," Lennard Neo, head of research at Stack Funds, told CoinDesk in a WhatsApp chat.2%, and so forth. According to Jitesh Tipe, founder and CIO at Mumbai-based crypto asset management firm MintingM, the weekly chart RSI is nearing 35, a level that has marked price bottoms in the past. Recovery attempts are likely to face strong resistance in the overhead zone.

That said, the RSI, just like other technical studies, isn't reliable as a solitary indicator and can stay oversold or overbought for a prolonged period. "Think of building a house; a builder is reliant on a hammer, but as an isolated tool, the hammer is worthless when building an entire house. Source: TradingView An interesting thing to consider is the fact that the RSI hasn’t been so oversold since the COVID crash that took place back in March 2020. Other tools will be needed in conjunction with the hammer for construction – saw, drill, etc.," analysts at DailyFX noted in an explainer article."The same concept relates to overbought/oversold signals which require complementary tools to strengthen the signal, and eventually allow traders to make sound trade decisions.me. Source: TradingView The 4-hour chart shows that the pair is trading inside a descending channel pattern.

" Crypto traders often read overbought/oversold RSI readings with blockchain metrics like whale demand, derivatives market data and macro factors. As of writing, there were no signs of renewed buying by large investors, with supply held by entities owning at least 1,000 BTC stagnant, having decoupled from rising prices in late September. "Still a lack of large buyers, or what we refer to as"whales" on-chain. This looks at entities with over 1,000 BTC and then filters out exchanges," William Clemente, the author of Blockware Intelligence newsletter, said in the latest weekly edition published Friday. The late September divergence between whale holdings and rising prices was perhaps an advance indicator of a crash observed over two months. Conversely, a break above the 20-EMA could open the doors for a possible rise to the resistance line of the channel.

We saw a similar divergence heading into the May 2021 crash. Options market activity continues to lean bearish. According to Swiss-based derivatives data tracking platform Laevitas, several multi-leg strategies betting on a continued downside crossed the tape over the weekend. Lastly, persistent fears of earlier than expected and faster interest rate hikes by the Federal Reserve and U.S- Russia tensions may push the safe haven dollar higher and keep bitcoin bulls at bay. Source: TradingView The LUNA/USDT pair could attempt a pullback to the moving averages and then to the downtrend line of the channel.

"Right now, fears from Macro uncertainties such as inflation and geo-political tensions have overflowed into crypto markets. The added strong correlation between both asset classes continues to pressure Bitcoin's price downwards. Hence, we could expect RSI to continue remaining low with more choppiness for price action in the near term," Stack Funds' Neo said. At press time, bitcoin was changing hands near $35,000, down 3.7% on the day. The pair could then retest the support line of the channel.

The cryptocurrency has almost halved since hitting record highs near $69,000 on Nov. 10, CoinDesk data show. DISCLOSURE The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a .