{"id":516621,"date":"2023-01-18T17:09:14","date_gmt":"2023-01-18T22:09:14","guid":{"rendered":"https:\/\/wncen.com\/?p=516621"},"modified":"2024-06-11T08:04:11","modified_gmt":"2024-06-11T08:04:11","slug":"bitcoin-daily-rsi-reaches-explosive-levels","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-daily-rsi-reaches-explosive-levels\/","title":{"rendered":"Overbought Or Ready To Rip? Bitcoin Daily RSI Reaches Explosive Levels"},"content":{"rendered":"

Bitcoin price<\/a> is showing signs of getting overheated on daily timeframes using the Relative Strength Index (RSI). The tool, typically used to spot overbought conditions, is at one of its highest levels ever historically.<\/p>\n

However, an elevated RSI reading in BTCUSD is deceiving, leading to some of the most dramatic moves ever on the cryptocurrency’s price chart. Here is a closer look at what happens when Bitcoin price action gets this hot.<\/p>\n

Bitcoin RSI Reaches Highest Level Since Early 2021<\/h2>\n

After breaching above $20,000<\/a>, onlookers are wondering if a possible bottom is in for Bitcoin, but remain skeptical after such a long, arduous downtrend.<\/p>\n

Bears have good reason to expect a pullback: Bitcoin has become extremely overbought according to the Relative Strength Index<\/a>. In fact, the top cryptocurrency is more overbought than at any other point during the entire bear trend.<\/p>\n

Related Reading: Why A Morning Star Reversal Could Awaken A Monster Bitcoin Rally<\/a><\/div>\n

Bulls, on the other hand, could be ready to push prices higher. In the past, the RSI<\/a> has only reached such an elevated level \u2013 a reading of 90 or above \u2013 during the most intense bullish movements of recent years.<\/p>\n

\"BTCUSD_2023-01-18_14-13-23\"<\/p>\n

Elevated RSI tends to only happen during bull markets | BTCUSD on TradingView.com<\/pre>\n
Why Crypto Could Be Ready To Rip Higher Once Again<\/h2>\n
Bearish investors and traders might be quick to claim that this time is different, considering the Fed raising interest rates<\/a>, the backdrop of war and recession, and more. But bulls have much more data on their side, and momentum at their backs.<\/p>\n
In fact, bulls have the entire history of BTCUSD price action to prove that the Relative Strength Index<\/a> reaching such highs have led to the greatest sustained gains in crypto.<\/p>\n
\"BTCUSD_2023-01-18_14-22-35\"<\/p>\n
Bull markets are characterized by recurring phases of extreme RSI readings. Bull markets also end at such extremes, but typically only after at least a series of three waves.\u00a0Bear market peaks, throughout the entire lifetime of BTCUSD price action, always fail to reach such highly elevated RSI.<\/p>\n
The Relative Strength Index was created by developed by J. Welles Wilder \u2013 who also developed the Parabolic SAR<\/a>, Average Directional Index, and Average True. The technical tool measures the speed of the change of price movements.<\/p>\n
Related Reading: \u201cParabolic\u201d Signal That Triggered Past Bitcoin Bull Runs Reappears<\/a><\/div>\n
Although readings above 70 and below 30 typically represent overbought or oversold conditions, a reading of 90 only occurs with an extremely fast and strong move. Such fast and strong moves tend to appear more often in a bull market than a bear market.<\/p>\n
Cryptocurrencies can remain notoriously overbought during periods of FOMO. Is that exactly what we’ve seen in Bitcoin recently? And will the number one cryptocurrency by market cap rip higher, or ultimately see a rejection here due to such overbought conditions?<\/p>\n
Follow @TonySpilotroBTC on Twitter<\/a> or join\u00a0the TonyTradesBTC Telegram<\/a> 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<\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price is showing signs of getting overheated on daily timeframes using the Relative Strength Index (RSI). The tool, typically used to spot overbought conditions, is at one of its highest levels ever historically. However, an elevated RSI reading in BTCUSD is deceiving, leading to some of the most dramatic moves ever on the cryptocurrency’s price chart. Here is a closer look at what happens when Bitcoin price action gets this hot. Bitcoin RSI Reaches Highest Level Since Early 2021 After breaching above $20,000, onlookers are wondering if a possible bottom is in for Bitcoin, but remain skeptical after such a long, arduous downtrend. Bears have good reason to expect a pullback: Bitcoin has become extremely overbought according to the Relative Strength Index. In fact, the top cryptocurrency is more overbought than at any other point during the entire bear trend. Related Reading: Why A Morning Star Reversal Could Awaken A Monster Bitcoin Rally Bulls, on the other hand, could be ready to push prices higher. In the past, the RSI has only reached such an elevated level \u2013 a reading of 90 or above \u2013 during the most intense bullish movements of recent years. Elevated RSI tends to only happen during bull markets | BTCUSD on TradingView.com Why Crypto Could Be Ready To Rip Higher Once Again Bearish investors and traders might be quick to claim that this time is different, considering the Fed raising interest rates, the backdrop of war and recession, and more. But bulls have much more data on their side, and momentum at their backs. In fact, bulls have the entire history of BTCUSD price action to prove that the Relative Strength Index reaching such highs have led to the greatest sustained gains in crypto. Bull markets are characterized by recurring phases of extreme RSI readings. Bull markets also end at such extremes, but typically only after at least a series of three waves.\u00a0Bear market peaks, throughout the entire lifetime of BTCUSD price action, always fail to reach such highly elevated RSI. The Relative Strength Index was created by developed by J. Welles Wilder \u2013 who also developed the Parabolic SAR, Average Directional Index, and Average True. The technical tool measures the speed of the change of price movements. Related Reading: \u201cParabolic\u201d Signal That Triggered Past Bitcoin Bull Runs Reappears Although readings above 70 and below 30 typically represent overbought or oversold conditions, a reading of 90 only occurs with an extremely fast and strong move. Such fast and strong moves tend to appear more often in a bull market than a bear market. Cryptocurrencies can remain notoriously overbought during periods of FOMO. Is that exactly what we’ve seen in Bitcoin recently? And will the number one cryptocurrency by market cap rip higher, or ultimately see a rejection here due to such overbought conditions? 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":516641,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1,83361,3],"tags":[428,1119,1144,78790,6664,16393,14763],"class_list":["post-516621","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all","category-btc","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-relative-strength-index","tag-rsi"],"acf":[],"yoast_head":"\nOverbought Or Ready To Rip? Bitcoin Daily RSI Reaches Explosive Levels<\/title>\n<meta name=\"description\" content=\"Bitcoin price is showing signs of getting overheated on daily timeframes using the Relative Strength Index (RSI). 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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. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/wncen.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Overbought Or Ready To Rip? 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