Crypto Market RSI Hits 24 🚨
The average cypto market RSI hit a new low when it fell below 25. Currently, it is at 24.9.
Based on data from the last 2 years, the RSI has never reached such a low level. Moreover, many coins have hit record-low RSI of 10 and even below.
One interesting result of such a low RSI can be monitored today. Although $BTC declined by ~4%, (most) altcoins didn't suffer that badly. Usually, such a Bitcoin deep led to double-digit losses for altcoins.
However, on the other side, the low RSI (also compared with bearish EMAs) provides clear signs of a bearish market.
As I mentioned in other posts and videos, it needs a strong catalyst to drive fresh buying power. Otherwise, we will only see a small relief before going deeper.
