The relative strength of this move from $15K to $19K is incredible! The daily RSI has not been this high since early January 2021
1 min read
The Relative Strength Index (RSI) is a very popular momentum oscillator that measures the speed and change of price movements. The RSI oscillates between 0 and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
Daily RSI
Right now, the RSI on the daily timeframe is at about a 82 level, so techically overbought. See the period highlighted with a green ellipse below from the RSI low in November at $15-16K to the RSI high right now at $19K.
The last time RSI reached this level was on 9 January 2021, highlighted below with a blue dashed vertical line. Back then, Bitcoin moved from roughly $10K to $42K (period highlighted in red). Note that the RSI peaked its head over the 80 level several times back then, with the first time being around $13K Bitcoin.
Weekly RSI
If you look at the weekly timeframe, however, you see a major difference relative to early January 2021. Back then, RSI had topped at that exact moment at 94, while now we are still relatively low (44) with plenty of “space” above us. The last time the weekly RSI was this high, was in April 2022.
submitted by /u/Beyonderr
[link] [comments]
