• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Binance Sees $218 Million In Outflows Following CFTC Lawsuit
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Binance Sees $218 Million In Outflows Following CFTC Lawsuit
bitcoin bull RSI

Bitcoin Weekly RSI Reaches Line Between Bear & Bull Market

Tony "The Bull" by Tony "The Bull"
2 months ago
in All
Reading Time: 3 mins read
Advertisement
Advertisement

Bitcoin price continues to push higher, leaving very few pullback opportunities thus far for those that failed to buy below $20,000.

Price action on BTCUSD the weekly timeframe, according to the Relative Strength Index, has reached a critical line that separates bear market from bull market. Any higher, and crypto could experience a full blown breakout. Let’s take a look.

What The Relative Strength Tells Us About Cryptocurrencies

The Relative Strength Index is a popular technical indicator used in cryptocurrencies, originally created by J. Welles Wilder in the 1970s.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

The tool measures momentum through the “velocity and magnitude of price movements,” according to Wikipedia. Readings above 70 can indicate overbought conditions, and falling below 30 suggests an oversold market.

In rare instances, the RSI will remain overheated depicting an especially powerful trend. Most of the time it remains somewhere between 30 and 70 while prices consolidate or move sideways.

Related Reading: Overbought Or Ready To Rip? Bitcoin Daily RSI Reaches Explosive Levels

On higher timeframes, moving past the middle-zone on the RSI can send lower timeframes through the roof — or through the floor.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

In the case of BTCUSD weekly charts, the RSI suggests this exact line in the sand is currently separating what could be a full breakout into a bull market – or a harsh rejection.

Bitcoin BTC RSI

Breaching this level on the RSI led to bullish rallies | BTCUSD on TradingView.com

Bitcoin Reaches Critical Line In The Sand Between Bear & Bull Market

Looking back throughout the history of Bitcoin, pushing above roughly 55-56 on the RSI has in the past led to extraordinarily bullish moves. Falling below it lead to the the deadliest declines and bear markets.

Even worse, as BTCUSD weekly finds itself at the key trigger level, rejection has resulted in some brutal moves. In 2014 a rejection from there kicked off the second phase of the bear market. In 2015, a bull market attempt was harshly rejected back to bear market lows.

Related Reading: “Parabolic” Signal That Triggered Past Bitcoin Bull Runs Reappears

The latest instance in 2020 a bull market was rejected and combined with the onset of COVID, resulted in the Black Thursday collapse. Considering the importance of the level and the fact some of the worst rejections ever have taken place when the RSI reached such a reading, it is no surprise investors remain skeptical and cautious.

If Bitcoin can make it above the current zone on the Relative Strength Index, the bull market could be back on in a flash. Currently, BTCUSD daily charts show a wildly elevated RSI, well into overbought conditions. However, extended phases of daily RSI levels support bull market behavior, and could indicate that the weekly RSI and further higher timeframes might also approach overbought levels at some point in the future.

Follow @TonyTheBullBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Tony "The Bull"

Tony "The Bull"

Tony "The Bull" is a level 3 CMT student (passed level 1 & 2), technical analyst, Bitcoin supporter, and avid speculator. Tony is deeply fascinated by core market principles such as Elliott Wave Theory as they tie into mathematics like Fibonacci ratios. Market timing though DeMark indicators, Ichimoku, Gann tools, or Hurst Cycle Theory are also of key interest. Tony provides completely original content driven by exclusive, independent research. For more insights and education from Tony, check him out on Twitter or in his free TonyTradesBTC Telegram channel. Follow @TonyTheBull on Twitter and search CoinChartist on YouTube.

Related Posts

ARK Invest Buys $18M Worth of Coinbase Shares As The Price Tumbles

ARK Invest Buys $18M Worth of Coinbase Shares As The Price Tumbles

5 days ago
NFT Artist of the Year

NFT Artist of the Year

6 days ago
Litecoin: Why LTC’s Recent Surge May Be Unsustainable And Could Lead To Price Retreat

Litecoin: Why LTC’s Recent Surge May Be Unsustainable And Could Lead To Price Retreat

2 weeks ago
ADA

Cardano (ADA) Down By 11% Despite Entry Into The Sandbox

3 weeks ago
APE price

APE Price: Bears Spark Jitters As Crypto Sell Pressure Mounts

4 weeks ago
SOL Price Prediction

SOL Price Prediction: Solana Jumps 12% As The Bulls Aim $30

1 month ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Don’t Miss TMS Network (TMSN) 100x Growth Train; Algorand (ALGO) And Hedera (HBAR) Holders Sinking

March 29, 2023

Riding The 2023 Bull: How Bitcoin, Ethereum, And SignUp Token Could Fuel The Next Crypto Boom

March 29, 2023

Three Unique Top Presales To Buy in 2023: RobotEra, Metropoly, Dogetti

March 29, 2023

Meta Masters Guild On Track to Become Web3’s Largest Gaming Guild: Exchange Listings, Staking, and Token Burn

March 29, 2023

Orbeon Protocol (ORBN), Bitcoin (BTC), and Monero (XMR) Gain During bank Runs

March 29, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.