Bitcoin RSI strength indicates that BTC price is still far from the top of its cycle


Bitcoin (BitcoinIf its relative strength index (RSI) repeats its historical behavior, it will hardly begin to hit a record high.

As famous On October 18th, popular Twitter analyst TechDev stated that RSI has not yet generated a macro top signal for BTC/USD.

RSI is much lower than the classic macro top area

Bitcoin keeps the market guessing Slightly lower than all-time highs sideways Did not beat them this month.

As time goes on, there is growing concern that the peak expected by many people may not be as high as the bulls hope.

However, from the technical data, the true state of the Bitcoin bull market has become obvious-there are many more.

TechDev explained: “The two-week RSI channel has been updated, and the channel has called the top and bottom of every bitcoin in history.”

“Current RSI value: 68. Estimated highest value: 93-94. Every time it breaks the equalizer, it will visit the top. Clear skies ahead. Don’t forget this when you need to reinvest at the bottom.”

History has proven that RSI is a key factor Track Bitcoin’s price strength over a longer time frameThe 90+ reading coincides with the top, and Bitcoin spot prices will not move higher until this level is broken.

The BTC/USD chart with the RSI peak highlighted.Source: TechDev/Twitter

TechDev previously predicted a potential top For this period between 200,000 US dollars and 300,000 US dollars-also based on mathematical phenomena, especially the Fibonacci sequence, which is also a characteristic of every bull market.

Extreme greed lurking in the background

Technical formulas such as this paint a completely different picture for price indicators based on different aspects of the crypto market.

related: Weekly closes hit a record high-5 things worth paying attention to in Bitcoin this week

This week, the Crypto fear and greed The index returned to the highest possible area, “extremely greedy.”

At 78/100, the index is significantly closer to its own peak than the RSI-which is also a signal of historical macro tops.

As Cointelegraph reported, 95/100 and above are accompanied by every top In the history of Bitcoin, unless this growth itself becomes more sustainable, there is little room for growth.

Crypto Fear and Greed Index as of October 18. Source: Alternative.me