apparently the 1W RSI is already in the resistance zone, for me this is the most accurate indicator,
Be careful relying on oscillators too much. Buying when RSI is oversold and selling when RSI is overbought only works during range markets. During strong bull markets, RSI can become embedded in the 70+ range for months at a time.
Not forgetting the RSI is not
really meant to be traded, but instead utlizied as a reference point of price strength. Mainly for bullish and bearish divergences that can be acted upon, rather than selling when overbought and buying when oversold. Even May last year was a good example of why selling oversold around $7.5K would have been a very bad.
If you want to trade the RSI it's recommended to buy when strength is
leaving the oversold conditions, or sell when
leaving the overbought conditions. But even this is a very weak way to trade imo without doing it based on the divergence of price strength. At the moment, on the Weekly scale, there is 0 divergence, only bullish overbought conditions.
To me at the moment the Weekly RSI is screaming "
caution", not buy or sell and definitely not short either. Soz double post I realise...