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RE: Bitcoin rejected at 161.8 extension, RSI fails to confirm new highs
I had to read this over multiple times before I understood (ahah im a beginner to analysis).
Do you think people oversold at the break? And when you say a 4 hour term what does that mean?
Hey Cheech, sorry this post was a little wonky.
I think it is getting harder and harder for the pair to find willing buyers as it goes up.
This is a 4 hour chart so each candle represents 4 hours of time. When I say "4 Hour RSI failed to confirm the new highs" - do you see the little chart down the bottom? That is RSI, the Relative Strength Index.
Do you see how that indicator shows a lower high even though price made a new record high? Generally speaking, in a healthy bullish market, they both would have made new highs together.
I see it now, very informative. Definitely going to educate myself using your posts, atleast ill familiarise myself with the terminology. It was well written mate 😃
Thanks Cheech - give me a shout whenever something is unclear. I usually try to keep them less wonky, but it is difficult sometimes.