RSI is too high - DOWN WE GO

[ask]

Expect dump below $600.

[sandiman]

let's all sell the strengh, good advice

[randy8777]

the price going below $600 is not a big deal. support isn't strong enough so it won't be a surprise if we go back to sub $600 prices.

also;

Sell now.  We are going below 500$ again.

opposite happened.

[ask]

the price going below $600 is not a big deal. support isn't strong enough so it won't be a surprise if we go back to sub $600 prices.

also;

Sell now.  We are going below 500$ again.

opposite happened.

Bull trap.  No volume.

[Slark]

I am not that sure if bitcoin can be measured by standard RSI indicators. People used that before and it is more of a hit or miss prediction than reliable gauge.
Also we don't really understand Chinese market which is crucial for bitcoin trading - and simply put - Chinese traders are weird.

[socks435]

This is a signal? i hope that the price of bitcoin will not down again.. because i am waiting for more increase price this month..
I hope no body can sell right now..

[Shiroslullaby]

Relative Strength Index?  
Can someone explain this a bit to someone who is fairly new to trading?

I'm reading the Wikipedia page
https://en.wikipedia.org/wiki/Relative_strength_index
but some explanation on how this applies to Bitcoin at this point in time would be greatly appreciated.
You are saying that we are in "overbought" territory and the price is about to fall?

[amacar2]

This is a signal? i hope that the price of bitcoin will not down again.. because i am waiting for more increase price this month..
I hope no body can sell right now..

There may be many traders out there who like to keep price swinging on $600 price range, but if this support above $600 remain strong for few more days, price may get pumped rather than going sub 600.

[Slark]

Relative Strength Index?  
Can someone explain this a bit to someone who is fairly new to trading?

I'm reading the Wikipedia page
https://en.wikipedia.org/wiki/Relative_strength_index
but some explanation on how this applies to Bitcoin at this point in time would be greatly appreciated.
You are saying that we are in "overbought" territory and the price is about to fall?

If you already know scientific explanation and definition then here is good example how to use RSI to estimate buy/sell opportunities of bitcoin:
https://www.cryptocompare.com/exchanges/guides/how-to-trade-bitcoin-with-the-relative-strength-index/
You will find good explanation of RSI in relation to Bitcoin charts there.

[1Referee]

This is a signal? i hope that the price of bitcoin will not down again.. because i am waiting for more increase price this month..
I hope no body can sell right now..

I guess you mean "I hope nobody will sell right now"? The price is too unpredictable at this point to make a guess about which direction the price will be moving to in the coming days. Chances for the price to go up or down are equal right now.

[pooya87]

it is so funny to read some of the comments in this board.

whenever the price is falling everybody is saying we are done and will take ages to go back because there is a massive dump.

and whenever there is a rise everybody is saying there is no support, no volume,... we are going back.

i say instead of this desperate talk open up an exchange site or one of many chart sites and look at the numbers sometime.

[Denker]

This is a signal? i hope that the price of bitcoin will not down again.. because i am waiting for more increase price this month..
I hope no body can sell right now..

This is one of many signals!
And no good trader will make a decision on just one oscillator.
OP often writes nonsense. And if it indeed happens he will write "I told you so".
Probably he is having his own interests and therefore tries to manipulate some invested members here with the hope it might work out.
So always do your own research or look for several different opinions by known market participants and then make your decision.

[ask]

As I said  two weeks ago. South was right direction.

[PantminerS7]

Price has been stable for a while now. Even so, I doubt we'll hit the $500 mark any time soon. Last dump (BFX) we got all the way down to $480 for a short while, then the buy orders ticked in and we were back at $570 again...

[Doms]

RSI alone can't be used as an indicator to buy or sell, or whether the price is going anywhere. The relative strength index somehow tells us if bitcoin is either overbought, oversold or within normal range. I think the last time I saw it reach overbought levels, we were at the mid $700 levels, and I knew then that the price would go down anytime soon. But right now, I think we are in the normal range and I don't think it is affecting how the price behaves in the last few days, also given the small volume of transaction we are seeing.

[target]

Guys, may i know which trading platform are you using and how did you set up your RSI levels?
I don't understand see indicators on some exchanges actually. can you also post some screenshot of your platform please.

[Denker]

RSI alone can't be used as an indicator to buy or sell, or whether the price is going anywhere. The relative strength index somehow tells us if bitcoin is either overbought, oversold or within normal range. I think the last time I saw it reach overbought levels, we were at the mid $700 levels, and I knew then that the price would go down anytime soon. But right now, I think we are in the normal range and I don't think it is affecting how the price behaves in the last few days, also given the small volume of transaction we are seeing.

I agree.
You could have also named several other indicators or oscillators why the price should have fallen or increased.
So it's a bit more than that.But as usual those threads will get bumped when op was right in 1 of 10 cases.
The price dropped how much? 8 bucks?
Well let the people go crazy.

[~Bitcoin~]

As I said  two weeks ago. South was right direction.

It take two weeks for your prediction to turn out as right, but i don't think we will be going more south/low than $590 level.

[LFC_Bitcoin]

Sling enough shit at a wall & some of it will stick.

[talks_cheep]

Op, ask, has proven to be right, albeit it took 2 weeks for it to play out.

I believe there's more down side than up side at this point. In my posts and threads, I've often repeated how it will stagnate or fall between July (the halving) and Nov/Dec'2016. Before November 2016, this will go down, 500 and under is very possible.

Keep in mind the late Nov/early Dec rise to 800-900.

Keep in mind the coming crash in Jan'2017, we're looking at 250 blood bath level.

What a wild ride it's going to be!