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SOL/ETH buying and selling on Binance appears overbought, as per the RSI.
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BTC/Gold ratio has turned decrease from a downtrend resistance.
The solana-ether (SOL/ETH) spot pair buying and selling on Binance has surged over 15% since Oct. 1, extending the three-month profitable pattern. The rally now appears overstretched.
The pair’s 14-day relative strength index (RSI), an oscillator that evaluates the pace and alter of worth actions over two weeks, has crossed properly above 70, indicating overbought situations, based on charting platform TradingView. The strongest overbought studying since March comes because the pair set a record excessive of 0.069 Wednesday on the again of a renewed growth in Solana’s community exercise.
Notice that an RSI above 70 doesn’t suggest an finish of the bull run and solely means the current upward motion has been a bit too sturdy and there might be a bull breather or a momentary worth correction. A possible pullback would possibly discover help at 0.064, the August excessive.
Some savvy merchants see an overbought RSI, particularly on longer period charts, as a signal of bullish strong momentum or proof of the trail of least resistance being on the upper aspect. Because the adage goes, the RSI can keep overbought longer than bears can keep solvent.
The ratio between bitcoin’s per-piece worth and gold’s per-ounce worth has turned decrease after failing to take out trendline resistance drawn off March and June highs.
The rejection, coupled with the unfavorable crossover on the MACD, suggests continued BTC underperformance forward. The same setup in late July led to a protracted decline in the ratio.