Total Crypto Market Cap Reenters Monthly RSI Bull Zone
25 Agosto 2021 - 3:50PM
NEWSBTC
Bitcoin and its altcoin brethren are back bullish, both on
individual price charts but also when looking at the total crypto
market cap at large. The aggregate of all major and minor
cryptocurrencies has fully reentered the bull zone on the monthly
RSI, which could indicate that the bull market will blast back off
any day now. Total Crypto Market RSI Returns To Bull Zone The study
of technical analysis is subjective. The practice has nearly as
many naysayers as crypto does, yet others swear by it. There is
also much debate over what charts are worthy of such analysis. For
example, charting Bitcoin dominance or the total cryptocurrency
market cap might raise some eyebrows. Related Reading | Bitcoin
Breakout Beyond $50K Brings Bull Market Fractal Back In View In the
right hands, there is no data that isn’t valuable, and considering
these charts can provide a small piece of the bigger picture
regarding all market conditions. And currently, according to the
RSI on monthly timeframes, crypto is as bullish as it gets. Monthly
timeframes are most dominant and a high reading on the RSI often
signals an asset – or in this case an asset class – is overbought.
In digital currencies, however, when the RSI reaches such levels on
the monthly timeframe it is when the asset is at its most bullish.
Is Bitcoin forming an ending diagonal? | Source:
CRYPTOCAP-TOTAL on TradingView.com Technicals Suggest Another
Several Months Of Bull Run Remaining Comparing the last major
market cycle with the current, there is a key difference between
this time and the last: a selloff took crypto out of the bull zone
temporarily. But with it back, there might be no stopping Bitcoin,
Ethereum, Litecoin, and the rest of the bunch. Ditching the RSI in
place of the LMACD, the logarithmic scale version of the moving
average convergence/divergence indicator, it is clear that momentum
remains bullish and a bearish crossover was narrowly prevented. Is
Bitcoin forming an ending diagonal? | Source: CRYPTOCAP-TOTAL on
TradingView.com The total crypto market also has very little
resistance above it, corresponding with the lagging span on the
Ichimoku indicator. Unlike the 2017 cycle peak, the total crypto
market has held above the base line and conversion line, which are
currently crossed bullish. Related Reading | Proof-of-Work: Bitcoin
Back Programs That Put Your Money To Work For You All technical
signals combined suggest rapid price expansion as soon as the
remaining resistance level on monthly timeframes is taken out. If
the total market cap rally is to end after more than a cumulative
450 days of bull zone on the RSI, the bull run could have another
few months left to go. #Crypto is back in the bull zone on the RSI.
Looks like there could be a lot longer to go during this cycle.
pic.twitter.com/D9UGG9gKYG — Tony "The Bull" Spilotro
(@tonyspilotroBTC) August 25, 2021 Follow @TonySpilotroBTC on
Twitter or via the TonyTradesBTC Telegram. Content
is educational and should not be considered investment
advice. Featured image from iStockPhoto, Charts from
TradingView.com
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