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NewsBTC 2021-10-13 21:25:47

Bitcoin Price Prepares To Blast Off Back Into RSI “Bull Zone”

Bitcoin price is back at nearly $57,000 and is less than $10,000 away from a new setting a new all-time high and heading back into price discovery mode. It is also moments away from re-entering the RSI bull zone, which in the past has led to cryptocurrency cycle climaxes and a bear market to follow. Here is a closer look and what to watch for. Bitcoin Price Readies Aggressive RSI “Bull Zone” Reentry Bitcoin price action doesn’t behave like other assets. Its speculative nature helps it to follow technical analysis well, but remains highly volatile. But in some cases, when FOMO begins, even technical indicators begin to behave irrationally. The Relative Strength Index, for example, is an oscillator that tells a trader when an asset is oversold or overbought. The idea is that when a reading is above 70 an asset is overbought and nearing the end of its trend. Related Reading | How 90-Year Old Market Wizardry Predicted The Bitcoin Breakout On lower timeframes, this can help to find short-term tops, but on higher timeframes, going above 70 tends to signal that bulls are out in full force, and very little will stop them. Bitcoin is about to reach above 70 on the RSI | Source: BTCUSD Index on TradingView.com The same monthly timeframe also shows another anomaly: Bitcoin price has never gone into oversold territory according to the monthly RSI. This is all happening while both Bitcoin price and the RSI itsel...

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