{"id":496185,"date":"2022-07-19T19:37:16","date_gmt":"2022-07-19T19:37:16","guid":{"rendered":"https:\/\/wncen.com\/?p=496185"},"modified":"2024-06-11T13:45:04","modified_gmt":"2024-06-11T13:45:04","slug":"weekly-rsi-bitcoin-bottom-2022","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/weekly-rsi-bitcoin-bottom-2022\/","title":{"rendered":"How Weekly RSI Could Suggest The Bitcoin Bottom Is In"},"content":{"rendered":"

Bitcoin price<\/a> is currently trading at around $23,500 at the time of this writing, up over 30% from lows and 10% for the week. The recovery has brought the weekly RSI out of oversold territory after reaching historical levels.<\/p>\n

Here is why the setup could be the buy signal bulls have been waiting for, and how the Relative Strength Index currently resembles the last bear market bottom.<\/p>\n

Weekly Bitcoin RSI Recovers From Historical Oversold Conditions<\/h2>\n

In technical analysis<\/a>, sometimes less is more. Traders commonly fill a chart with lines or indicators, desperately seeking an edge in the market. When in reality, that edge is patience and watching for the right signals to buy and sell Bitcoin.<\/p>\n

Related Reading | Bitcoin Weekly RSI Sets Record For Most Oversold In History, What Comes Next?<\/a><\/strong><\/em><\/p>\n

According to the weekly Relative Strength Index<\/a>, the time to buy BTC could be near. Comparisons with past bear markets suggest the signal could put in a long-term bottom.<\/p>\n

\"BTCUSD_2022-07-19_15-17-01\"<\/p>\n

Bitcoin weekly RSI has recovered from oversold conditions | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
The weekly RSI<\/a> has risen up out of oversold conditions to above a reading of 30. This alone is enough for technical analysts to begin watching for follow-through.<\/p>\n
A buy signal on the RSI is generated<\/a> after the indicator reclaims the lower threshold at 30, retraces, holds, then pushes past the first high. The signal is clear during the 2018 bear market bottom and told the masses it was time to buy BTC.<\/p>\n
\"BTCUSD_2022-07-19_15-19-34\"<\/p>\n
An example of an RSI buy signal at the 2018 bear market bottom | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Why The Bear Market Bottom Could Already Be Behind Us<\/h2>\n
The Relative Strength Index<\/a> on TradingView includes a moving average set at default to a length of 14. Bitcoin price action reclaiming the moving average after recovering from oversold conditions has in the past put in a significant long term bottom<\/a>.<\/p>\n
\"BTCUSD_2022-07-19_15-21-19\"<\/p>\n
The weekly RSI reached the most oversold conditions ever | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
The chart above also demonstrates that the recent low on the weekly RSI was the most oversold<\/a> the top cryptocurrency has ever reached historically.<\/p>\n
Related Reading | Bitcoin Monthly Tags Lower Bollinger Band, Tool’s Creator Hints At Bottom<\/a><\/strong><\/em><\/p>\n
In the past, Bitcoin has always recovered to new record highs. However, speculative assets can remain overbought or oversold for longer than expected. What happens next in the case of this most recent record low on the RSI? Was this the bottom in crypto?<\/p>\n
\n
Weekly #Bitcoin<\/a> RSI analysis could suggest a bottom is in. What do you think? pic.twitter.com\/JSdUlbCo3j<\/a><\/p>\n
\u2014 Tony “The Bull” Spilotro (@tonyspilotroBTC) July 19, 2022<\/a><\/p><\/blockquote>\n
Follow <\/i><\/b>@TonySpilotroBTC on Twitter<\/i><\/b><\/a> or join\u00a0<\/i><\/b>the TonyTradesBTC Telegram<\/i><\/b><\/a> for exclusive daily market insights and technical analysis education<\/i><\/b>. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice.<\/i><\/b><\/p>\n
Featured image from iStockPhoto, Charts from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price is currently trading at around $23,500 at the time of this writing, up over 30% from lows and 10% for the week. The recovery has brought the weekly RSI out of oversold territory after reaching historical levels. Here is why the setup could be the buy signal bulls have been waiting for, and how the Relative Strength Index currently resembles the last bear market bottom. Weekly Bitcoin RSI Recovers From Historical Oversold Conditions In technical analysis, sometimes less is more. Traders commonly fill a chart with lines or indicators, desperately seeking an edge in the market. When in reality, that edge is patience and watching for the right signals to buy and sell Bitcoin. Related Reading | Bitcoin Weekly RSI Sets Record For Most Oversold In History, What Comes Next? According to the weekly Relative Strength Index, the time to buy BTC could be near. Comparisons with past bear markets suggest the signal could put in a long-term bottom. Bitcoin weekly RSI has recovered from oversold conditions | Source: BTCUSD on TradingView.com The weekly RSI has risen up out of oversold conditions to above a reading of 30. This alone is enough for technical analysts to begin watching for follow-through. A buy signal on the RSI is generated after the indicator reclaims the lower threshold at 30, retraces, holds, then pushes past the first high. The signal is clear during the 2018 bear market bottom and told the masses it was time to buy BTC. An example of an RSI buy signal at the 2018 bear market bottom | Source: BTCUSD on TradingView.com Why The Bear Market Bottom Could Already Be Behind Us The Relative Strength Index on TradingView includes a moving average set at default to a length of 14. Bitcoin price action reclaiming the moving average after recovering from oversold conditions has in the past put in a significant long term bottom. The weekly RSI reached the most oversold conditions ever | Source: BTCUSD on TradingView.com The chart above also demonstrates that the recent low on the weekly RSI was the most oversold the top cryptocurrency has ever reached historically. Related Reading | Bitcoin Monthly Tags Lower Bollinger Band, Tool’s Creator Hints At Bottom In the past, Bitcoin has always recovered to new record highs. However, speculative assets can remain overbought or oversold for longer than expected. What happens next in the case of this most recent record low on the RSI? Was this the bottom in crypto? Weekly #Bitcoin RSI analysis could suggest a bottom is in. What do you think? pic.twitter.com\/JSdUlbCo3j \u2014 Tony “The Bull” Spilotro (@tonyspilotroBTC) July 19, 2022 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":496190,"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":[428,1144,78790,6664,4524,76835],"class_list":["post-496185","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-crypto","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\nHow Weekly RSI Could Suggest The Bitcoin Bottom Is In<\/title>\n<meta name=\"description\" content=\"Bitcoin price is currently trading at around $23,500 at the time of this writing, up over 30% from lows and 10% for the week. 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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. 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":"How Weekly RSI Could Suggest The Bitcoin Bottom Is In","url":"http:\/\/wncen.com\/news\/weekly-rsi-bitcoin-bottom-2022\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/weekly-rsi-bitcoin-bottom-2022\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/07\/iStock-1044257630.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/07\/iStock-1044257630.jpg?fit=1258%2C833"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Tony \"El Toro\" Severino"}],"creator":["Tony \"El Toro\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btcusd","btcusdt","crypto","xbt","xbtusd"],"dateCreated":"2022-07-19T19:37:16Z","datePublished":"2022-07-19T19:37:16Z","dateModified":"2024-06-11T13:45:04Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"How Weekly RSI Could Suggest The Bitcoin Bottom Is In\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/weekly-rsi-bitcoin-bottom-2022\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/weekly-rsi-bitcoin-bottom-2022\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/07\\\/iStock-1044257630.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/07\\\/iStock-1044257630.jpg?fit=1258%2C833\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"El Toro\\\" Severino\"}],\"creator\":[\"Tony \\\"El Toro\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btcusd\",\"btcusdt\",\"crypto\",\"xbt\",\"xbtusd\"],\"dateCreated\":\"2022-07-19T19:37:16Z\",\"datePublished\":\"2022-07-19T19:37:16Z\",\"dateModified\":\"2024-06-11T13:45:04Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/07\/iStock-1044257630.jpg?fit=1258%2C833","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/496185"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=496185"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/496185\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/496190"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=496185"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=496185"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=496185"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}