Looking at Bitcoin RSI on the weekly, it just triggered Nebraskangooner's bull market hack (buy at an upwards 52 cross, sell at a downwards 52 cross). But what's RSI and how can you use it on higher timeframes?

The Relative Strength Index (RSI) is a popular technical indicator used in trading Bitcoin. It can be used to identify overbought and oversold conditions on a chart, indicating when to buy and sell. The RSI is calculated by comparing the average gains to the average losses over a set period of time. A reading above 70 is considered overbought, while a reading below 30 is considered oversold.

Normally, when the RSI is above 70, it suggests that Bitcoin may be overbought and due for a price correction. Traders may look to sell or take profits at this point. However, it's important to note that the RSI is not a foolproof indicator and should be used in conjunction with other technical and fundamental analysis.

When using RSI in large timeframes like the weekly chart or more, traders may want to adjust the period of the RSI calculation. For example, using a 14 or 21 period RSI may be more appropriate than a 7 period RSI because it provides a more smoothed out view of the PA.

Traders may also want to use other technical indicators such as moving averages, trendlines, and volume to confirm their analysis. I like 8/21 EMA crosses, 200 MA tags, diagonals and support/resistance but it can really be anything that you like and that works for you. It's important to have a clear trading plan when using RSI or any indicator to buy and sell Bitcoin or any other asset. This includes setting entry and exit points, stop losses, and taking into account market volatility. In addition, traders should always practice proper risk management techniques and not risk more than they can afford to lose. You're going to be wrong, probably more often than you're right. It won't matter if you manage your risk properly.

In conclusion, RSI can be a useful tool for trading Bitcoin on a weekly chart or more, but it should be used in conjunction with other analysis and with a clear trading plan in place. Thanks for reading!