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Bitcoin RSI strength suggests BTC price is still far from its cycle top

Bitcoin (BTC) has barely began its run to new all-time highs if its relative strength index (RSI) repeats historic habits.

As famous by well-liked Twitter analyst TechDev on Oct. 18, the RSI has but to supply macro top indicators for BTC/USD.

RSI falls far wanting traditional macro top zone

Bitcoin has stored the market guessing because it tracks sideways just under all-time highs with out hitting them this month.

With time, issues have mounted that the blow-off top that many count on will not be as excessive because the bulls hope.

Looking at technical information, nevertheless, the actual state of Bitcoin’s bull run turns into obvious — there’s much more left.

“Update on the two-week RSI channel which has called every Bitcoin top and bottom in history,” TechDev defined.

“Current RSI Value: 68. Projected Top Value: 93-94. Every time it’s broken the EQ it’s visited the top. Clear skies ahead. Don’t forget this when it comes time to reinvest at the bottom.”

History has confirmed RSI to be a key think about monitoring Bitcoin price strength on longer timeframes. A 90+ studying has coincided with tops, and till this stage is damaged, Bitcoin spot price motion traits increased.

BTC/USD chart with RSI peaks highlighted. Source: TechDev/ Twitter

TechDev beforehand forecasted a possible top for this cycle mendacity between $200,000 and $300,000 — once more primarily based on mathematical phenomena, notably Fibonacci sequences, which have additionally characterised each bull run.

Extreme greed lurks within the background

Technical formulae comparable to these paint a decidedly completely different image to price metrics primarily based on completely different facets of crypto markets.

Related: All-time excessive weekly shut — 5 issues to look at in Bitcoin this week

This week, the Crypto Fear & Greed Index returned to its highest potential space, “extreme greed.”

At 78/100, the Index is noticeably nearer to its personal peak than the RSI — this, likewise, traditionally signaling macro tops. 

As Cointelegraph reported, 95/100 and up has accompanied each top in Bitcoin’s historical past, leaving treasured little room for progress until that progress, itself, turns into extra sustainable.

Crypto Fear & Greed Index as of Oct. 18. Source: Alternative.me