{"id":517214,"date":"2023-01-23T17:23:24","date_gmt":"2023-01-23T22:23:24","guid":{"rendered":"https:\/\/wncen.com\/?p=517214"},"modified":"2024-06-11T08:04:03","modified_gmt":"2024-06-11T08:04:03","slug":"bitcoin-weekly-rsi-bear-bull-market","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-weekly-rsi-bear-bull-market\/","title":{"rendered":"Bitcoin Weekly RSI Reaches Line Between Bear & Bull Market"},"content":{"rendered":"

Bitcoin price<\/a> continues to push higher, leaving very few pullback opportunities thus far for those that failed to buy below $20,000.<\/p>\n

Price action on BTCUSD the weekly timeframe, according to the Relative Strength Index, has reached a critical line that separates bear market from bull market. Any higher, and crypto could experience a full blown breakout. Let’s take a look.<\/p>\n

What The Relative Strength Tells Us About Cryptocurrencies<\/h2>\n

The Relative Strength Index<\/a> is a popular technical indicator used in cryptocurrencies, originally created by J. Welles Wilder in the 1970s.<\/p>\n

The tool measures momentum through the “velocity and magnitude of price movements,” according to Wikipedia<\/a>. Readings above 70 can indicate overbought conditions, and falling below 30 suggests an oversold market.<\/p>\n

In rare instances, the RSI will remain overheated depicting an especially powerful trend<\/a>. Most of the time it remains somewhere between 30 and 70 while prices consolidate or move sideways.<\/p>\n

Related Reading: Overbought Or Ready To Rip? Bitcoin Daily RSI Reaches Explosive Levels<\/a><\/div>\n

On higher timeframes, moving past the middle-zone on the RSI can send lower timeframes through the roof \u2014 or through the floor.<\/p>\n

In the case of BTCUSD weekly charts, the RSI suggests this exact line in the sand is currently separating what could be a full breakout into a bull market \u2013 or a harsh rejection.<\/p>\n

\"Bitcoin<\/p>\n

Breaching this level on the RSI led to bullish rallies | BTCUSD on TradingView.com<\/a><\/p>\n

Bitcoin Reaches Critical Line In The Sand Between Bear & Bull Market<\/h2>\n

Looking back throughout the history of Bitcoin, pushing above roughly 55-56 on the RSI<\/a> has in the past led to extraordinarily bullish moves. Falling below it lead to the the deadliest declines and bear markets.<\/p>\n

Even worse, as BTCUSD weekly finds itself at the key trigger level, rejection has resulted in some brutal moves. In 2014 a rejection from there kicked off the second phase of the bear market. In 2015, a bull market attempt was harshly rejected back to bear market lows.<\/p>\n

Related Reading: \u201cParabolic\u201d Signal That Triggered Past Bitcoin Bull Runs Reappears<\/a><\/div>\n

The latest instance in 2020 a bull market was rejected and combined with the onset of COVID, resulted in the Black Thursday<\/a> collapse. Considering the importance of the level and the fact some of the worst rejections ever have taken place when the RSI reached such a reading, it is no surprise investors remain skeptical and cautious.<\/p>\n

If Bitcoin can make it above the current zone on the Relative Strength Index, the bull market could be back on in a flash. Currently, BTCUSD daily charts show a wildly elevated RSI, well into overbought conditions. However, extended phases of daily RSI levels support bull market behavior<\/a>, and could indicate that the weekly RSI and further higher timeframes might also approach overbought levels at some point in the future.<\/p>\n

Follow @TonyTheBullBTC 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 continues to push higher, leaving very few pullback opportunities thus far for those that failed to buy below $20,000. Price action on BTCUSD the weekly timeframe, according to the Relative Strength Index, has reached a critical line that separates bear market from bull market. Any higher, and crypto could experience a full blown breakout. Let’s take a look. What The Relative Strength Tells Us About Cryptocurrencies The Relative Strength Index is a popular technical indicator used in cryptocurrencies, originally created by J. Welles Wilder in the 1970s. The tool measures momentum through the “velocity and magnitude of price movements,” according to Wikipedia. Readings above 70 can indicate overbought conditions, and falling below 30 suggests an oversold market. In rare instances, the RSI will remain overheated depicting an especially powerful trend. Most of the time it remains somewhere between 30 and 70 while prices consolidate or move sideways. Related Reading: Overbought Or Ready To Rip? Bitcoin Daily RSI Reaches Explosive Levels On higher timeframes, moving past the middle-zone on the RSI can send lower timeframes through the roof \u2014 or through the floor. In the case of BTCUSD weekly charts, the RSI suggests this exact line in the sand is currently separating what could be a full breakout into a bull market \u2013 or a harsh rejection. Breaching this level on the RSI led to bullish rallies | BTCUSD on TradingView.com Bitcoin Reaches Critical Line In The Sand Between Bear & Bull Market Looking back throughout the history of Bitcoin, pushing above roughly 55-56 on the RSI has in the past led to extraordinarily bullish moves. Falling below it lead to the the deadliest declines and bear markets. Even worse, as BTCUSD weekly finds itself at the key trigger level, rejection has resulted in some brutal moves. In 2014 a rejection from there kicked off the second phase of the bear market. In 2015, a bull market attempt was harshly rejected back to bear market lows. Related Reading: \u201cParabolic\u201d Signal That Triggered Past Bitcoin Bull Runs Reappears The latest instance in 2020 a bull market was rejected and combined with the onset of COVID, resulted in the Black Thursday collapse. Considering the importance of the level and the fact some of the worst rejections ever have taken place when the RSI reached such a reading, it is no surprise investors remain skeptical and cautious. If Bitcoin can make it above the current zone on the Relative Strength Index, the bull market could be back on in a flash. Currently, BTCUSD daily charts show a wildly elevated RSI, well into overbought conditions. However, extended phases of daily RSI levels support bull market behavior, and could indicate that the weekly RSI and further higher timeframes might also approach overbought levels at some point in the future. Follow @TonyTheBullBTC 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":517216,"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":[],"class_list":["post-517214","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"yoast_head":"\nBitcoin Weekly RSI Reaches Line Between Bear & Bull Market<\/title>\n<meta name=\"description\" content=\"Bitcoin price continues to push higher, leaving very few pullback opportunities thus far for those that failed to buy below $20,000. 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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":"Bitcoin Weekly RSI Reaches Line Between Bear & Bull Market","url":"http:\/\/wncen.com\/news\/bitcoin-weekly-rsi-bear-bull-market\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-weekly-rsi-bear-bull-market\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/iStock-1206059272.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/iStock-1206059272.jpeg?fit=1254%2C836"},"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":[],"dateCreated":"2023-01-23T22:23:24Z","datePublished":"2023-01-23T22:23:24Z","dateModified":"2024-06-11T08:04:03Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Weekly RSI Reaches Line Between Bear & Bull Market\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-weekly-rsi-bear-bull-market\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-weekly-rsi-bear-bull-market\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/iStock-1206059272.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/iStock-1206059272.jpeg?fit=1254%2C836\"},\"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\":[],\"dateCreated\":\"2023-01-23T22:23:24Z\",\"datePublished\":\"2023-01-23T22:23:24Z\",\"dateModified\":\"2024-06-11T08:04:03Z\"}<\/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\/2023\/01\/iStock-1206059272.jpeg?fit=1254%2C836","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/517214"}],"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=517214"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/517214\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/517216"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=517214"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=517214"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=517214"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}