Bitcoin RSI strength suggests BTC price is still far from cycle peak

Bitcoin ( BTC ) has barely begun its race to new all-time highs if its Relative Strength Index (RSI) repeats its historic behavior. As N...


Bitcoin (BTC) has barely begun its race to new all-time highs if its Relative Strength Index (RSI) repeats its historic behavior.

As Noted According to popular Twitter analyst TechDev on October 18, the RSI has yet to produce higher macro signals for BTC / USD.

The RSI is far from the classic macro upper zone

Bitcoin left the market guessing because it follows laterally just below historic highs without touching them this month.

Over time, concerns have grown that the peak of the explosion that many expect may not be as high as the bulls are hoping.

Looking at the technical data, however, the true state of Bitcoin’s bull run becomes evident – there is much more to it.

“Update on the two-week RSI channel that called all Bitcoins up and down in history,” TechDev explained.

“Current RSI value: 68. Projected maximum value: 93-94. Every time the equalizer is broken, it hits the top. Clear sky. Keep this in mind when the time comes to reinvest at the bottom. “

History has proven that the RSI is a key factor in track the strength of Bitcoin’s price over longer periods. A reading over 90 has coincided with highs, and until that level is broken Bitcoin spot price action tends to rise.

BTC / USD chart with RSI peaks highlighted. Source: TechDev / Twitter

TechDev had previously predicted a potential peak for this cycle ranging between $ 200,000 and $ 300,000 – again based on mathematical phenomena, including Fibonacci sequences, which have also characterized each running of the bulls.

Extreme greed lurks in the background

Technical formulas like these paint a decidedly different picture from price metrics based on different aspects of the crypto markets.

Related: Record breaking weekly close – 5 things to watch in Bitcoin this week

This week the Crypto fear and greed The index has returned to its highest possible zone, “extreme greed”.

At 78/100, the index is significantly closer to its own high than the RSI, which similarly signals macro highs historically.

As Cointelegraph reported, 95/100 and more accompanied all the tops in Bitcoin’s history, leaving little room for growth unless that growth, itself, becomes more sustainable.

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