TechDev Says “There Is Tons Of Room To Run” For Bitcoin
According to TA expert Techdev, the recent Bitcoin run doesn’t appear to be a top.
Covered:
- TechDev 5-Day RSI Chart
- Similarities to 2017 Bull Run
TechDev Says “There Is Tons Of Room To Run” For Bitcoin
Exclusive Bitcoin 5-day Chart provided by TechDev
After reaching a new high just a few weeks ago, Bitcoin has struggled to push past the $67k USD mark. That’s made some in the space uneasy. It’s not completely unreasonable either. The sudden irrational rise of Dogelon Mars is enough to make even Michael Saylor put his pom-poms down for a second.
However, the cold, hard rational numbers seem to be saying something completely different than what the “top-y” memecoins are trying to tell us.
“Every cycle top in Bitcoin’s history has been marked by a push of the 5-day RSI into the 94-98 Top Zone,” says TechDev. “While there are several other reliable indicators based on the 2-week timeframe, the reliability of the 5-day RSI is particularly useful as it offers greater precision in identifying the top.”
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The RSI, which stands for relative strength index, is used to indicate the momentum of tradable assets. Specifically, whether said assets are overbought or oversold. “Current reading is just under 69, suggesting there is tons of room to run,” says TechDev.
Even more, interestingly, TechDev says the current RSI is strikingly similar to the last bull run. “It is fascinating to note that the 5-day RSI was nearly identical during this exact same 5-day candle (Nov 7) in 2017.”
The 2017 Bull Run All Over Again
You’ll recall, that this happened shortly after that candle back in 2017…
Bitcoin Post-5 Day RSI in 2017. Credit: CoinGecko.com
Bitcoin’s price exploded from 7k on November 1st, all the way up to 19k by December 6th. In a little over a month Bitcoin more than doubled. So if Bitcoin maintains the pace as set out in Tech Dev’s chart above, BTC could be looking around a 200k top.
Not bad at all.
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For more TechDev, make sure to check out his brand new newsletter launching this week. Also, follow him on Twitter for the latest, greatest technical analysis.
The post TechDev Says “There Is Tons Of Room To Run” For Bitcoin appeared first on CryptosRus.
Text source: CryptosRus
