{"id":492932,"date":"2022-06-13T16:36:21","date_gmt":"2022-06-13T16:36:21","guid":{"rendered":"https:\/\/wncen.com\/?p=492932"},"modified":"2024-06-11T14:20:33","modified_gmt":"2024-06-11T14:20:33","slug":"bitcoin-weekly-rsi-oversold-history","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-weekly-rsi-oversold-history\/","title":{"rendered":"Bitcoin Weekly RSI Sets Record For Most Oversold In History, What Comes Next?"},"content":{"rendered":"<p><a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-drops-to-18-months-lows-has-the-market-seen-the-worst-of-it\/\">Bitcoin price is in free fall<\/a> and the cryptocurrency community is in panic. The high-risk, speculative asset class is living up to its notorious volatility and the selling appears unstoppable.<\/p>\n<p>At some point, all assets become oversold and recovery begins. After the most recent selloff, BTCUSD weekly RSI has reached the most oversold level in the entire history of price action, including two bear market bottoms.<\/p>\n<h2>Bitcoin Selloff Sets Record For Most Oversold Weekly RSI Ever<\/h2>\n<p>Bitcoin price today tapped <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-drops-to-18-months-lows-has-the-market-seen-the-worst-of-it\/\">below $22,000 per coin<\/a> and is rapidly approaching prices closer to the 2017 peak. Many altcoins, including Ethereum, have already pushed below the past bull market peak in an unprecedented move for the crypto market.<\/p>\n<p>Panic is properly ensuing. The frantic attempt to cash out coins as fast as possible while there is still value left has prompted many top exchanges to halt withdrawals and better assess the situation. The selling pressure has also pushed the weekly <a href=\"https:\/\/wncen.com\/topic\/relative-strength-index\/\">Relative Strength Index<\/a> to the most historically oversold level since Bitcoin started trading.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading |\u00a0<a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-drops-to-18-months-lows-has-the-market-seen-the-worst-of-it\/\">Bitcoin Drops To 18-Months Lows, Has The Market Seen The Worst Of It?<\/a><\/strong><\/em><\/p>\n<p>The Relative Strength Index is a commonly used momentum oscillator first developed by <a href=\"https:\/\/en.wikipedia.org\/wiki\/J._Welles_Wilder_Jr.\" target=\"_blank\" rel=\"noopener nofollow\">J. Welles Wilder Jr. in the 1970s<\/a>. Wilder is also the creator of the Average True Range, Average Directional Index, and the Parabolic SAR. It is used to gauge when assets become overbought or oversold.<\/p>\n<p>With BTCUSD historically oversold on weekly timeframes using the RSI, what exactly could this mean, and what might happen next?<\/p>\n<p>&nbsp;<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-492933 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/06\/BTCUSD_2022-06-13_11-21-47.png?resize=860%2C415\" alt=\"BTCUSD_2022-06-13_11-21-47\" width=\"860\" height=\"415\"><\/p>\n<pre style=\"text-align: center\">BTCUSD weekly RSI is the most oversold ever | Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<h2>Comparing The Current Crypto Collapse With Past Bear Market Bottoms<\/h2>\n<p>A <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-bear-market-comparison-time-for-bull-season\/\">visual inspection<\/a> of the BTCUSD weekly chart instantly puts the RSI below the lower threshold of 30 at around the same level as two past bear market bottoms. Readings below the lower threshold of 30 are considered oversold. In contrast, readings over 70 are considered overbought.<\/p>\n<p>More precise readings of the 2015 and 2018 <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-bear-market-comparison-time-for-bull-season\/\">bear market bottoms<\/a> are 28.41 and 28.72, respectively. The current reading on BTCUSD is under 28, marking the lowest point ever on weekly timeframes.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-bear-market-comparison-time-for-bull-season\/\">Bitcoin Bear Market Comparison Says It Is Almost Time For Bull Season<\/a><\/strong><\/em><\/p>\n<p>Although this is a sign that in hindsight could pinpoint a significant bottom in crypto, because the RSI is momentum-based, downside could continue until the momentum has run its course.\u00a0Price can also repeatedly test the area similar to how Bitcoin regularly displays readings of overbought price action throughout its history.<\/p>\n<p>Buyers at these prices would want to look for an RSI swing rejection setup according <a href=\"https:\/\/www.elearnmarkets.com\/blog\/rsi-failure-swings\/\" target=\"_blank\" rel=\"noopener nofollow\">Wilder&#8217;s methodology<\/a>. Much like during past bear markets, the setup involves waiting for the RSI to reach oversold levels. The rest of the strategy involves watching for the RSI to return back above the threshold, and hold above the threshold during the next correction. After the RSI makes a higher high, a buy signal is generated.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-492934 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/06\/BTCUSD_2022-06-13_12-10-10.png?resize=860%2C395\" alt=\"BTCUSD_2022-06-13_12-10-10\" width=\"860\" height=\"395\"><\/p>\n<pre style=\"text-align: center\">Taking a position now does not mean it is safe \u00a0| Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>Even then, bulls aren&#8217;t completely safe in their positions. If past bear markets are any indication of what to expect, there is a 50\/50 chance of a <a href=\"https:\/\/wncen.com\/topic\/tops-and-bottoms\/\">double-bottom formation<\/a> with a bullish RSI divergence.<\/p>\n<p>In 2015, a second bear market bottom took place setting a slightly lower low after a full 200 days. The RSI made a higher low, signaling that the selling momentum was extremely weak relative to the movement of the price, and the most explosive bull run in history followed.<\/p>\n<p>Was this the bottom sign that bulls were waiting for?<\/p>\n<p><b><i>Follow <\/i><\/b><a href=\"https:\/\/twitter.com\/tonyspilotroBTC\" rel=\"nofollow\"><b><i>@TonySpilotroBTC on Twitter<\/i><\/b><\/a><b><i> or join\u00a0<\/i><\/b><a href=\"https:\/\/t.me\/TonyTradesBTC\" rel=\"nofollow\"><b><i>the TonyTradesBTC Telegram<\/i><\/b><\/a><b><i> for exclusive daily market insights and technical analysis education<\/i><\/b><b><i>. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice.<\/i><\/b><\/p>\n<pre>Featured image from iStockPhoto, Charts from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is in free fall and the cryptocurrency community is in panic. The high-risk, speculative asset class is living up to its notorious volatility and the selling appears unstoppable. At some point, all assets become oversold and recovery begins. After the most recent selloff, BTCUSD weekly RSI has reached the most oversold level in the entire history of price action, including two bear market bottoms. Bitcoin Selloff Sets Record For Most Oversold Weekly RSI Ever Bitcoin price today tapped below $22,000 per coin and is rapidly approaching prices closer to the 2017 peak. Many altcoins, including Ethereum, have already pushed below the past bull market peak in an unprecedented move for the crypto market. Panic is properly ensuing. The frantic attempt to cash out coins as fast as possible while there is still value left has prompted many top exchanges to halt withdrawals and better assess the situation. The selling pressure has also pushed the weekly Relative Strength Index to the most historically oversold level since Bitcoin started trading. Related Reading |\u00a0Bitcoin Drops To 18-Months Lows, Has The Market Seen The Worst Of It? The Relative Strength Index is a commonly used momentum oscillator first developed by J. Welles Wilder Jr. in the 1970s. Wilder is also the creator of the Average True Range, Average Directional Index, and the Parabolic SAR. It is used to gauge when assets become overbought or oversold. With BTCUSD historically oversold on weekly timeframes using the RSI, what exactly could this mean, and what might happen next? &nbsp; BTCUSD weekly RSI is the most oversold ever | Source: BTCUSD on TradingView.com Comparing The Current Crypto Collapse With Past Bear Market Bottoms A visual inspection of the BTCUSD weekly chart instantly puts the RSI below the lower threshold of 30 at around the same level as two past bear market bottoms. Readings below the lower threshold of 30 are considered oversold. In contrast, readings over 70 are considered overbought. More precise readings of the 2015 and 2018 bear market bottoms are 28.41 and 28.72, respectively. The current reading on BTCUSD is under 28, marking the lowest point ever on weekly timeframes. Related Reading | Bitcoin Bear Market Comparison Says It Is Almost Time For Bull Season Although this is a sign that in hindsight could pinpoint a significant bottom in crypto, because the RSI is momentum-based, downside could continue until the momentum has run its course.\u00a0Price can also repeatedly test the area similar to how Bitcoin regularly displays readings of overbought price action throughout its history. Buyers at these prices would want to look for an RSI swing rejection setup according Wilder&#8217;s methodology. Much like during past bear markets, the setup involves waiting for the RSI to reach oversold levels. The rest of the strategy involves watching for the RSI to return back above the threshold, and hold above the threshold during the next correction. After the RSI makes a higher high, a buy signal is generated. Taking a position now does not mean it is safe \u00a0| Source: BTCUSD on TradingView.com Even then, bulls aren&#8217;t completely safe in their positions. If past bear markets are any indication of what to expect, there is a 50\/50 chance of a double-bottom formation with a bullish RSI divergence. In 2015, a second bear market bottom took place setting a slightly lower low after a full 200 days. The RSI made a higher low, signaling that the selling momentum was extremely weak relative to the movement of the price, and the most explosive bull run in history followed. Was this the bottom sign that bulls were waiting for? Follow @TonySpilotroBTC on Twitter or join\u00a0the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com<\/p>\n","protected":false},"author":517,"featured_media":492936,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,86151,6664,16393,14763],"class_list":["post-492932","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btdusd","tag-crypto","tag-relative-strength-index","tag-rsi"],"acf":[],"yoast_head":"\n<title>Bitcoin Weekly RSI Sets Record For Most Oversold In History<\/title>\n<meta name=\"description\" content=\"Bitcoin price is in free fall and the cryptocurrency community is in panic. 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \\\"The Bull,\\\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. 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