[Xangle Briefing] Xangle reveals that “Bitcoin is oversold”
https://xangle.io/project/BTC/disclosures/5e572906e603d6cdffd521c6
[February 27] According to crypto disclosure platform Xangle, Bitcoin is in oversold condition. Bitcoin’s price decreased more than 5% than the day before, reaching $8,700.
Xangle stated that the MFI (Money Flow Index) and RSI (Relative Strength Index), technical indicators in measuring whether an asset is overbought/oversold, each recorded 19.2 and 27, respectively. MFI readings were calculated from Xangle’s on-chain data.
In the traditional finance market, an MFI reading below 20 is considered to be oversold, and an MFI reading above 80 to be overbought. On the other hand, an RSI reading below 30 is oversold and an RSI reading over 70 is overbought. MFI and RSI indexes are generally accepted in the crypto market as well; however, in times of panic, such indexes might show a comparatively weak correlation with price.
Xangle has applied verified financial indexes to the crypto market after repeated data backtesting., Xangle will continue to announce technical disclosures when oversold/overbought signals are detected.
Meanwhile, bitcoin’s recent price volatility is continuously increasing due to global economic slowdown caused by the Coronavirus and the refusal of Wilshire Phoenix’s Bitcoin ETF.
Xangle Official Website:
https://xangle.io/
Xangle Official Twitter:
https://twitter.com/CA_disclosure
Xangle Official Telegram:
https://t.me/xangle_announcement