Sentiment may be in “extreme greedy” territory, however math-based metrics continue to depart the door open for more bitcoin price gains.
Bitcoin on the rise
Bitcoin will barely begin strolling to all-time highs if the RSI is repeating historical behaviour.
As noted by famous Twitter analyst TechDev on October 18, the RSI did now not produce the absolute best macro alerts for BTC/USD.
The RSI is positioned a ways from the traditional complete upper zone
Bitcoin has maintained market speculation as it tracks sideways simply beneath all-time highs besides hitting it this month.
Over time, fears mounted that the explosive top many had been looking ahead to might now not be as high as the bulls hope.
However, looking at the technical data, the proper nation of Bitcoin's bullish rally is becoming clear - there is nonetheless a lot to do.
TechDev explained: “An replace to the 2-week RSI channel that has called each Bitcoin greater and lower in history.”
Present cost of the RSI: 68 Expected absolute best value: 93-94. Every time the EQ is broken, it visits the top. The sky is clear in the front of you. Don't forget about this when it's time to reinvest at the bottom."
History has validated that the RSI is a key issue in monitoring the energy of the bitcoin price on the longer time frames. 90 analyzing coincided with the tops, and until this stage is broken, spot bitcoin fee action is heading higher.
TechDev earlier estimated a plausible rally for this cycle of between $200,000 and $300,000 – again primarily based on mathematical phenomena, specifically the Fibonacci sequences, which have additionally characterized each bullish race.
Extreme greed in trading
Technical formulas like this paint a decidedly exclusive photograph of price metrics primarily based on specific factors of the cryptocurrency markets.
This week, the Crypto Fear & Greed Index is again in the absolute best viable territory, "extreme greed".
At 78/100, the indicator is surprisingly closer to its personal height than the RSI - this, similarly, has historically indicated macro peaks.
As Cointelegraph reports, 95/100 and above have accompanied every peak in Bitcoin's history, leaving precious little room for boom except that growth itself turns into extra sustainable.
