The market is at the most oversold level - page 3.

michellee

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Quote from: usekevin on January 28, 2022, 05:36:03 AM

Quote from: asyakashi on January 26, 2022, 02:05:32 AM

When oversold it will usually come back down but up to do a bullish test but I don't think there is a strong wall if the RSI says oversold. Maybe we should wait for bitcoin to go down even more?

The market is crashed for now.The best time to inverse your money is now. When the price back to normal as like old 40k dollars.You get decent profit from it.Holding is essential one in trading business.Some people inverse less amount of dollars in the dump and earn huge from it. The price of bitcoin plays a huge role.The pump market is the best time to inverse for the short run and dump is best time for long run profit.

I think you should wait for a while as the red candle is coming again to the market and there is no need to buy in a rush. Maybe you can analyze for more to check if the price will go down for deep or stay at the current price level. If the next analysis shows the pattern to go down for more, you can prepare your funds at the exchange to start buying but you can create many buy orders. Hopefully, we can buy at a low price in the next correction to make a profit in the next pump market.

redwine49

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Quote from: mk4 on January 25, 2022, 11:48:06 AM

P.S. if you want a trader's technical perspective, you should've posted this on the Trading Discussion section instead lol.

I agree. if we want to keep more discussion about the price

Quote from: franky1 on January 25, 2022, 06:22:27 AM

the crypto market has not lost any capitalisation..
the market caps are not a measure of fiat reserves held to back any asset. its just a multiplication of a current price.

2 people can easily affect this.
heck i can make an altcoin of 1trillion coins and sell just 1 coin for $1 and create $1trillion market cap.

no one cares about market cap numbers. they are meaningless.

..
there is no 'over sold' because again it has nothing to do with accumulated sales that meet some big number of sells. its just a single price multiplied.

so chill out and relax, there was no loss, there was no over selling.
the market cap stat is not a stat of value. its a empty stat of multiplication

right now there are traders that only need to buy/sell 0.01btc ($350) and can cause a shift the price by $3 which thrn multiplies the math to shift the market cap of bitcoin by $57million

yep someone can affect bitcoins market cap by $57million by only spending $350

I am not saying you are wrong in this.
But actually I care about marketcap numbers to calculate my own risk when I want to decide to buy/sell cryptocurrency.
Not because 1 trillion coins worth 1$ each coin/token, it will be 1 trillion$ in reserve. The price will drop as every coin is sold out.
I know what you said but that doesn't mean they are meaningless.
Like you said "it's multiplication". If someone wants to lower the bitcoin price by 50%, they don't have to own&sell 50% of bitcoins in circulation.
Therefore the risk of losing will be greater because of multiples.

usekevin

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Quote from: asyakashi on January 26, 2022, 02:05:32 AM

When oversold it will usually come back down but up to do a bullish test but I don't think there is a strong wall if the RSI says oversold. Maybe we should wait for bitcoin to go down even more?

The market is crashed for now.The best time to inverse your money is now. When the price back to normal as like old 40k dollars.You get decent profit from it.Holding is essential one in trading business.Some people inverse less amount of dollars in the dump and earn huge from it. The price of bitcoin plays a huge role.The pump market is the best time to inverse for the short run and dump is best time for long run profit.

coolcoinz

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I'd just like to add for people who rely on the RSI that it's a strength index. This means that a company that is going bankrupt will have low RSI, showing that it's oversold, but the process is going to continue until the stock disappears from exchanges and is no longer traded. In other words, a dying asset will also be oversold.

I'm not trying to discourage you, simply playing a devil's advocate, but don't forget that indexes and indicators are not going to tell you what to do. The fact that Bitcoin has never done this or that doesn't mean it won't.

bittraffic

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Quote from: AakZaki on January 26, 2022, 12:53:29 PM

Quote from: Upgrade00 on January 25, 2022, 12:37:34 PM

From the perspective of an enthusiast, I do not think too much about the market, cause I do not bother about RSI or bitcoin being oversold or the market cap of cryptocurrencies passing or dropping below a certain thresh-hold or the market sentiment. Price actions can not be predicted and I do not bother trying guess what direction it would take.

When the market cannot be predicted as it is today, of course the choice to be silent and watch it is the most appropriate choice. I'm also doing it right now, just seeing what happens to the market next. A decline of almost 50% certainly makes traders' psychology even more shaken.
now it's just a look and if you have spare capital, buying the current price or the next decline is certainly the right choice.

The choice for those people who are more concerned is to just hold the stablecoin for now. I'm closely positive the price will bounce after it hit the oversold point by the next day so it would be a good option for me to just wait. The very oversold I think is $30K but if it's going to get worse because of the fud these days, the worse will be $20K.

AakZaki

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Quote from: Upgrade00 on January 25, 2022, 12:37:34 PM

From the perspective of an enthusiast, I do not think too much about the market, cause I do not bother about RSI or bitcoin being oversold or the market cap of cryptocurrencies passing or dropping below a certain thresh-hold or the market sentiment. Price actions can not be predicted and I do not bother trying guess what direction it would take.

When the market cannot be predicted as it is today, of course the choice to be silent and watch it is the most appropriate choice. I'm also doing it right now, just seeing what happens to the market next. A decline of almost 50% certainly makes traders' psychology even more shaken.
now it's just a look and if you have spare capital, buying the current price or the next decline is certainly the right choice.

asyakashi

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When oversold it will usually come back down but up to do a bullish test but I don't think there is a strong wall if the RSI says oversold. Maybe we should wait for bitcoin to go down even more?

dimonstration

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Quote from: 7deadlyBTCIN on January 26, 2022, 01:50:34 AM

Stop deceiving yourselves, this market corrections is a necessity no matter what your indicator is telling you, both oversold levels and greed&fear index are useless, pls just accept things the way they are this bull season have lasted for way too long

I don't why you come up on this aggressive comment but he just simply interpret what indicators are showing. RSI is know for its effectiveness since this indicator introduced since it just measure the ratio of sell to buy power. He is right that the market is already oversold according to RSI indicators which I agree. Indicators is just a tool to determine the pulse of price action in trading so I guess the content of this thread still has a value. Don't take it personally its just a reading from indicators.

7deadlyBTCIN

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Stop deceiving yourselves, this market corrections is a necessity no matter what your indicator is telling you, both oversold levels and greed&fear index are useless, pls just accept things the way they are this bull season have lasted for way too long

magneto

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These indicators mean pretty much nothing.

This correction is absolutely normal and you cannot say that it is manipulation or artificial. Prices were propped up by low interest rates and an irrational exuberance, and now people are paying the price. The correction was imminent.

This draw-down isn't even close to the scale that we have witnessed in previous bear markets, so I would actually expect a bit more dumps to come our way before a pump.

cryptoaddictchie

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Oversold or not. I believe its not only the TA we shoukd be concern of. Some of the fundamental aspect affects the market a lot. Also some heavy thoughts by some big names influence the whole market like some coutnry annoucned a very positive news. Regardless were on the negative pattern, it could turn the way around on that. Precisely this is very a broad event but honestly I feel like a bounce would happened anytime soon.

takngantuk

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oversold? yes we are currently in this situation. whether it will end, judging from the current chart which is green, maybe many think this situation is over. but I think it's not that easy to conclude. there are many possibilities such as bulltrap, fakesignal or others that can describe the current situation. and if that happens, oversold may continue to occur until the market finds the lowest bottom point later.

hatshepsut93

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Quote from: Bushdark on January 25, 2022, 05:36:50 AM

NFrom a technical perspective, it’s important to note that the Relative Strength Index (RSI), which is commonly used to gauge the magnitude of recent price changes to evaluate market conditions, is down to the oversold area.

Indicators don't predict the future well enough to base your trades and expectations on them alone. If this is the bear market and it will play out like the previous ones, then the market didn't reach the bottom yet, and bulls won't return until the next halving. But since the current ATH is only 3.5 times higher than the top of the previous cycle, maybe there's good chance that the old pattern has been broken, so anything is possible right now.

kentrolla

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This kind of posts will only increase panic selling and fear, I know the market has been bearish but not oversold and we only come across these sort of post after the market is dumped or goes through correction phase and why don't we have these before any major pump or dump? Ups and downs has been a part of crypto market and we should get used to it instead of panic selling or buying in FOMO.

Ararbermas

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If you're just basing in RSI indicator of course it is and i wouldn't be surprised why because for me in my personal opinion it's already over sold mate since this downtrend broke thus resistance above. Just imagine from approximately 60k and down around 37k seems almost half. Lol and probably there's more support levels if weak hands keep dumping despite of the current situation of the market wherein it will be a totally over sold market.

Upgrade00

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Quote from: Bushdark on January 25, 2022, 05:36:50 AM

What do you think about the market currently?

From the perspective of an enthusiast, I do not think too much about the market, cause I do not bother about RSI or bitcoin being oversold or the market cap of cryptocurrencies passing or dropping below a certain thresh-hold or the market sentiment. Price actions can not be predicted and I do not bother trying guess what direction it would take.

bittraffic

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Frank tells.a good point about market cap because anyone can just set a buy/sell order price in the market.

As for oversold, It depend on which TF you looknat the market, one trader could just say its RSI tells oversold in 4hour chart but its not on daily chart. Its not as if you cant buy today, its still good to do so if you are a trader and knows when to keep buying and selling but for long term investors, they will not zoom in to look at the market but zoom out to weekly/monthly TF to identify when to buy with the future uptrend in mind.

mk4

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On being oversold: I mean, we literally had weeks and weeks of red, with a somewhat-faster-than-usual drop of almost 50% without a blow-off top. But regardless, bitcoin being oversold doesn't automatically mean it can't get oversold further; though we're probably due for a relief bounce to a certain point.

P.S. if you want a trader's technical perspective, you should've posted this on the Trading Discussion section instead lol.

jackg

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https://bit.ly/387FXHi lightning theory

If we're as oversold as we were back in March 2020, I think that says something pretty good about where we're at right now.

The price back then was $3k, now we're at $30k, sure oversold/the rsi might not mean much on its own but it's interesting to see where bitcoins come in 2 years. It's had fairly stable highs too which means there's probably still a lot of confidence in it (even during drops).

franky1

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the crypto market has not lost any capitalisation..
the market caps are not a measure of fiat reserves held to back any asset. its just a multiplication of a current price.

2 people can easily affect this.
heck i can make an altcoin of 1trillion coins and sell just 1 coin for $1 and create $1trillion market cap.

no one cares about market cap numbers. they are meaningless.

..
there is no 'over sold' because again it has nothing to do with accumulated sales that meet some big number of sells. its just a single price multiplied.

so chill out and relax, there was no loss, there was no over selling.
the market cap stat is not a stat of value. its a empty stat of multiplication

right now there are traders that only need to buy/sell 0.01btc ($350) and can cause a shift the price by $3 which thrn multiplies the math to shift the market cap of bitcoin by $57million

yep someone can affect bitcoins market cap by $57million by only spending $350

Topic: The market is at the most oversold level - page 3. (Read 519 times)