PANews reported on November 4 that according to a chart released by Matrixport, as the US presidential election approaches, market traders' anxiety has increased, but Bitcoin's 21-day relative strength index (RSI) is currently at a neutral level of 56%, indicating that it is neither overbought nor oversold. A neutral RSI usually indicates that the risk premium is relatively low when the market changes, especially when implied volatility may decline after the election.
The report points out that this is in contrast to the bear market decline in March when the RSI reached 80%, while in July and August, when the RSI fell to 25%, Bitcoin saw a sharp rebound. Given that the current RSI is in neutral territory, Matrixport believes that selling Bitcoin volatility this week may be an attractive strategy.
