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Bitcoin And its altcoin brothers are bullish again, whether on personal price charts or when looking at the entire cryptocurrency market value.
The sum of all major and minor cryptocurrencies has completely re-entered the monthly RSI bull market area, which may indicate that the bull market will rebound on any day now.
The total crypto market RSI returns to the bull market
Research technical analysis It is subjective. There are almost as many opponents of this approach as cryptocurrencies, but others swear by it.
There is also a lot of debate about which charts are worth doing this type of analysis.For example, chart Bitcoin dominance Or the total market value of cryptocurrencies may attract some people’s attention.
Related Reading | Bitcoin breaks through more than $50,000 and reappears the bull market fractal
In the hands of the right people, there is no worthless data, considering that these charts can provide a small part of the larger picture of all market conditions. Currently, cryptocurrencies are the most bullish based on the RSI in the monthly time frame.
The monthly schedule is the most important, and a high reading of the RSI usually indicates that the asset (or asset class in this case) is overbought.However, in digital currencies, when RSI reaches such a level within a monthly time frame When assets are most bullish.
Is Bitcoin forming an ending diagonal? | Source: CRYPTOCAP-TOTAL on TradingView.com
Technical advice and a few months of bull market
Compare Last major market cycle For now, there is a key difference between this time and the last time: the sell-off has temporarily taken the cryptocurrency out of the bull market zone. But as it returns, Bitcoin, Ethereum, Litecoin and other currencies may not stop.
Abandoning RSI instead of LMACD (the logarithmic scale version of the moving average convergence/divergence indicator), it is clear that the momentum is still bullish, and the bearish crossover is barely prevented.
Is Bitcoin forming an ending diagonal? | Source: CRYPTOCAP-TOTAL on TradingView.com
There is almost no resistance in the entire crypto market, corresponding to One eye indicator. Unlike the 2017 cycle peak, the entire crypto market has remained above the baseline and conversion line and is currently bullish.
Related Reading | Proof of Work: A Bitcoin Support Plan to Make Your Money Work for You
Combining all the technical signals shows that once the remaining resistance level on the monthly time frame is removed, the price will expand rapidly. If the total market value rebound is to end after the RSI has accumulated more than 450 days of bull market area, then the bull market may still be several months away.
#encryption Back to the bull market area of ??RSI. It seems that it may take longer in this cycle. pic.twitter.com/D9UGG9gKYG
-Tony “Bull” Spilotro (@tonyspilotroBTC) August 25, 2021
follow @TonySpilotroBTC on Twitter Or through TonyTradesBTC TelegramThe content is educational and should not be regarded as investment advice.
Featured image from iStockPhoto, Charts from TradingView.com
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