Bitcoin, BTCUSD, on the weekly timeframe continues to aim higher... Let's have a closer look at the RSI, multiple milestones have been hit this week... Let's get into it.
BTCUSD (W) RSI:
Here we can notice that the RSI hit above 80 for the first time since December 2017 when Bitcoin hit it's All-Time High (ATH).
When Bitcoin first hit this high on the weekly RSI, it continued to grow straight for 550+ days.
If we get similar action starting now, November 2020, we will see prices continue to increase with higher highs and higher lows until the year 2022 in May.
Wow! Do you think is possible? Just wait, there is more...
One of our readers left a comment telling about this Bitcoin rally, there is something different to it, we all get the feeling that it isn't "natural"... What is really going on?
The last time we saw Bitcoin enter its bull-run mode, there was a tremendous amount of hype, lots of FOMO, and retail buyers jumping in by the loads, but this is not the situation we are witnessing these days...
We have a very shy/inactive market, so why is there no correction, why does Bitcoin continues to grow every single day?
It is very possible that big institutions or big Governments like the USA are buying Bitcoin by the boatload.
When this is happening, there is no reason at all for selling, because if they are buying is for the long-term, they know that something massive is going on.
Regardless of speculation, we continue to see Bitcoin move higher with no corrections at all... And with no retail/dumb money buying, this means that we are in a new cycle we haven't seen before.
Bitcoin might be looking at really low prices right now and we might see $30,000, $50,000, $80,000, or more in the years to come... Of course, time will tell...
But we know one thing for sure, Bitcoin always go 10X higher, than what most people think is possible for it to go.
I recall those days when it was impossible to hit $3,000 for Bitcoin, at least that was what many were saying all across... Bitcoin surprised everybody and hit $20,000+.
This might just be the beginning...
With this simple indicator, the RSI, we are getting the signal that Bitcoin might be entering a new bull-run mode.
What's your take?
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1) Nov 12 | Bitcoin, I Got It Wrong How High Can It Really Go? Leave Comment