hey everyone and thanks for jumping back into the cryptoverse today we're gonna talk about bitcoin and we're going to be looking at the current correction with some perspective on prior drops by bitcoin if you guys like the content make sure you subscribe to the channel give the video a thumbs up and also check out the telegram channel which you can find a link to in the description below now anytime bitcoin goes up or bitcoin goes down we always have a habit of comparing it to prior moves to get some type of context as to what is going on and also to manage our expectations and to make sure that we have just the in general the right expectations and so in this video we're going to be looking at the current bitcoin correction through the lens of the relative strength index or rsi okay so that's what we're going to be doing in this video and we're going to be comparing it to to prior corrections we're going to see how far down have we come and how does that compare to what we've seen in the past okay so let's go ahead and jump in we're gonna first look at it on on the daily time frame and and all we're gonna do is we're just gonna state observations that we're seeing nothing more nothing less so right now the daily rsi for bitcoin is about NUMBER_TOKEN okay somewhere between NUMBER_TOKEN and NUMBER_TOKEN. so it's pretty low right now and it's always nice to just sort of draw a line in the sand and say all right well this is where we are today where was bitcoin when it was at these levels historically and you know what came next and we're gonna we're gonna take it back for a while we're not just gonna look at what happened over the last few months or the last year we're going to look at a lot of history just to get some context here so we're not missing anything we're not biasing our our interpretation of the data based on a bullish market or based on a bearish market but just looking at it for what it is so one of the things that that definitely stands out to me when i first look at this is we note that we are at a lower rsi than we were back in may okay and one of the things you should note is that the the rsi you know when it when it's below NUMBER_TOKEN a lot of people would say that's technically oversold when it's above NUMBER_TOKEN you would say it's overbought okay so for instance when bitcoin was up in the up in the NUMBER_TOKEN NUMBER_TOKENk NUMBER_TOKENk region up here we were we were technically in overbought territory the same thing could have been said though back in november when we were when we were moving up relatively quickly as well um because we were we were moving up so quickly without having any any consequential pullbacks okay so you can see the the rsi went up quite a bit and then it finally pulled back when it when we finally started to cool off for a little bit so on the daily rsi it doesn't really tell you a ton about the macro move but what it does show is sort of like what's going on in the daily timeframe on some of these shorter time frames and one of the things we note is that we are lower than we were back in may okay when we first had that initial selloff that took us all the way down to NUMBER_TOKENk
START_INTERACTION_TOKEN bitcoin if you guys like the content make sure you subscribe to the channel give the video a thumbs up and also check out the telegram channel which you can find a link to in the description below END_INTERACTION_TOKEN