PlanB, the inventor of the S2F model, which has become quite controversial with the price movements in recent days. bitcoinHe made a new post about
Bitcoin, which started the week we are in with a big drop, fell to $ 33,000 and started to rise with the reaction it received from there.
While some technical and on-chain indicators in Bitcoin, which is preparing to enter the new week at $ 38,000 levels, are in a downward trend, investors are uneasy, he stated that we are at an important distinction in PlanB.
The famous analyst stated that the RSI in Bitcoin is at 53, if it falls below 50, it will be the beginning of the downward momentum and a bear market, and if it stays above 50, it will rise again and added; “We were barely above 90 at the peaks in 2021. There are no high tops and no extreme low bottoms.”
When we examine the chart shared by PlanB, we observe that there are good buying opportunities when the RSI goes below 50. According to the analyst’s share, RSI, which is in an important region at the moment, asked us, “OK, continue?” It says we’re in the zone.
When we examine the monthly chart of Bitcoin, we see that when the RSI goes below 50, the price has difficulty in recovering for 8-10 months, but these levels are the best buying zones.
*Not Investment Advice.