Bitcoin has been on an impressive rally since sustaining a 50% drop in March, rallying from the $3,700 bottom to a local high at $7,470. The move has convinced many traders that the cryptocurrency market is on the verge of entering yet another full-blown bull market.<\/p>\n
A prominent trader, however, is signaling caution, sharing that Bitcoin’s<\/a> long-term Relative Strength Index (RSI) readings are suggesting the market has yet another large-scale correction on the horizon.<\/p>\n The recent rally in the Bitcoin market has failed to push BTC’s RSI readings, a measure of trend strength, into bullish territory, according to prominent crypto trader Eric Thies.<\/p>\n Per Thies, who recently shared four charts of Bitcoin’s long-term RSI trends, “macro RSI [time] frames [are] looking bearish overall, suggesting an incoming drop after one last potential surge higher in the coming week.”<\/p>\n Interesting RSI analysis on #BTC<\/a> <\/p>\n Summary — Macro RSI frames looking bearish overall, suggesting an incoming drop after one last potential surge up in the coming week(ish). <\/p>\n Expecting it it to be in sync with potential stock market dump<\/p>\n (Photos best if read in TF order) pic.twitter.com\/fbXoCg52Vy<\/a><\/p>\n — Crypto Thies (@kingthies) April 11, 2020<\/a><\/p><\/blockquote>\nBitcoin Poised to Plunge as Macro RSI Structure Remains Bearish<\/strong><\/h2>\n
\n