Matrixport released a chart saying that as the US Presidential Election approaches, market traders' anxiety has risen, but Bitcoin remains in the neutral zone. Currently, Bitcoin's 21-day Relative Strength Index (RSI) has fallen to 56%, well below the overbought threshold of 70%, indicating that Bitcoin is neither overbought nor oversold.
Since a neutral RSI typically indicates that traders are less exposed to market movements, a neutral RSI implies that Bitcoin's risk premium, including high implied volatility, may decline after the election. This contrasts sharply with the bear market decline in March, when the RSI reached 80%, and the sharp rally in July and August, when the RSI was only 25%. Given this, selling volatility this week seems like a promising strategy.
Matrixport: Bitcoin in neutral zone ahead of US election, volatility selling shows potential
2024-11-04 08:09:15
Matrixport release chart says with us president election approachingdesk3cryptocurrencydesktopCrypto News
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