Cryptos

Total crypto market cap falls in monthly RSI bullish zones

Earn 8 Reward Points by commenting the blog post

Bitcoin and its altcoin brothers are bullish on both individual price charts and looking at the crypto’s total market cap.

The monthly RSI bullish zone has been fully filled by the aggregate of all major and minor cryptocurrencies. This could indicate that the bull markets are going to pick back up overnight.

Total Crypto Market RSI returns the Bull zone

Technical analysis is subjective. The practice is almost as controversial as crypto, but many people swear by it.

Graphics are also subject to much debate. There may be some eyebrows raised by plotting Bitcoin’s dominance or the total market capital of cryptocurrency.

Bitcoin Breakout Beyond $ 50,000 Brings Bull Market Fractal Back in Sight| Bitcoin Breakout Beyond $ 50,000 Brings Bull Market Fractal Back in Sight

If you have the right data, there is no data that isn’t valuable. These charts can give you a quick snapshot of market conditions. The RSI on Monthly Timeframes shows that crypto is currently bullish.

The most dominant timeframes are monthly. A high RSI reading can often indicate that an asset or asset class is overbought. Digital currencies however, are only considered overbought if the RSI reaches these levels over a month. This is when the asset is most bullish.Source:

Is Bitcoin forming an ending diagonal? | Source: TradingView.com - CRYPTOCAP - TOTAL

Techniques suggest that Bull Run is still several months away

Comparing the last major market cycle to the current one, you will notice a key difference: the crypto was temporarily taken out of the bullish zone by a huge sell-off. The return of Bitcoin, Ethereum, Litecoin, and the rest might not be stopped.

It’s clear that momentum is bullish and a bearish cross have been avoided by removing RSI.Source:

TOTAL_2021-08-25_16-31-48

Is Bitcoin forming an ending diagonal? | Source: TradingView.com - CRYPTOCAP - TOTAL

The resistance of the Ichimoku indicator is also very low in the total crypto market. The peak of the 2017 cycle saw the total crypto market hold above the baseline, conversion line and current levels.

Proof Of Work: Bitcoin Back programs that put money at your service| Proof of work: Bitcoin Back programs that put your money at your service

All technical indicators suggest rapid price growth once the resistance level that remains over the monthly periods has been removed. If the rally in total market capital is to end after more that 450 cumulative days bullish zone on RSI, then there could still be a few months more of the bull drive.

Follow these instructions Twitter: @TonySpilotroBTCOr via The TonyTradesBTC Telegram. This content should not be construed as investment advice.

Featured image taken from iStockPhoto. Charts taken from TradingView.com




Source

Related Articles

Leave a Reply

Back to top button