Bitcoin price continues to push higher, leaving very few pullback opportunities thus far for those that failed to buy below $20,000.
Price action on BTCUSD the weekly timeframe, according to the Relative Strength Index, has reached a critical line that separates bear market from bull market. Any higher, and crypto could experience a full blown breakout. Let’s take a look.
What The Relative Strength Tells Us About Cryptocurrencies
The Relative Strength Index is a popular technical indicator used in cryptocurrencies, originally created by J. Welles Wilder in the 1970s.
The tool measures momentum through the “velocity and magnitude of price movements,” according to Wikipedia. Readings above 70 can indicate overbought conditions, and falling below 30 suggests an oversold market.
In rare instances, the RSI will