Bitcoin (BTC) will hardly start its journey to all-time highs if the RSI reflects historical behaviour.

As noted by popular Twitter analyst TechDev on October 18, the RSI has yet to provide maximum macro signals for BTC/USD.

The RSI lags far behind the classic macro policy
Bitcoin has kept the market guessing as it is moving sideways below all-time highs before hitting it this month.

Fear has grown over time that the peak of the breakout that many have been anticipating may not be as high as the bulls had hoped.

However, when you look at the technical data, it becomes clear the true state of Bitcoin’s bullish move – there is still a lot to do.

TechDev explained: “The 2-week RSI channel update that has called every Bitcoin all-time peak.”

Current RSI value: 68. Expected maximum value: 93-94. Every time it breaks the EQ, it reaches the top. The sky is clear before us. Don’t forget when it’s time to reinvest at the bottom. ”
History has proven that the RSI is a key factor in tracking the strength of the bitcoin price over the longer time frames. The reading +90 coincided with the tops, and until this level is broken, the spot bitcoin price will continue to rise.

BTC/USD chart with RSI peaks shaded. Source: TechDev / Twitter
TechDev previously predicted a possible peak for this cycle in the $200,000 to $300,000 range – again based on mathematical phenomena such as the Fibonacci sequences that also marked each upward move.

Intense greed lurks in the background
Technical formulas like this paint a completely different picture of price calculations based on different aspects of the cryptocurrency markets.

Related: Historic Weekly Close High – 5 Things to Look for in Bitcoin This Week

This week, the Crypto Fear & Greed Index returned to its highest levels of extreme greed.

At the level of 78/100, the indicator is noticeably closer to the top than the RSI – this also indicates overall historical highs.

As Cointelegraph reports, 95/100 and beyond have followed all peaks in Bitcoin’s history, leaving very little room for growth unless the rally itself becomes more sustainable.

Source: CoinTelegraph

LEAVE A REPLY