The RSI shows that Bitcoin is still very far from the top of this cycle
Bitcoin has yet to start an all-time high run if its Relative Strength Index (RSI) repeats historical behavior.
As the popular Twitter analyst TechDev noted on October 18, the RSI has yet to generate top macro signals for BTC / USD.
RSI is a long way from classic macrotops
Bitcoin left the market guessing as it sideways just below an all-time high that was out of reach this month.
Over time, concerns have grown that the blow-off peak anticipated by many may not be as high as expected.
However, looking at the specs, the true state of Bitcoin’s bull run becomes clear.
“The two-week RSI update predicted every Bitcoin high and low in history. Current RSI value: 68. Expected peak value: 93-94. Every time the EQ breaks it visits the top. Clear the sky. Don’t forget that if there is an opportunity to reinvest downstairs. “
The source: TechDev / Twitter
Historically, the RSI has been a key factor that tracks the price strength of Bitcoin over long periods of time. An index above 90 has collapsed with a high, and until that level is broken, Bitcoin’s spot price action bias will be higher.
TechDev previously forecast a potential high for this cycle of between $ 200,000 and $ 300,000 – again based on mathematical phenomena, particularly Fib sequences, which are also characteristic of any rally.
Technical indicators paint a completely different picture than price indicators based on various aspects of the cryptocurrency market.
This week the Crypto Fear & Greed Index has returned to its highest zone, “extreme greed”.
At 78/100, the index is significantly closer to the top than the RSI – which also signals historical macro tops.
95/100 and more have accompanied every high point in Bitcoin’s history, giving way to growth.
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According to Cointelegraph