However, people who missed this week's enormous spike on Bitcoin shouldn't worry.
Based on the 1D RSI another pull back should be coming soon. As seen on the graph since the price action crossed over the 200DMA (orange line) during the previous bear market (that practically indicated the close of the bear cycle), whenever the RSI got over 83.000, BTC/USD dropped at least -30%!
In the modern cycle, depending on where BTC news gets the best, this places the pull back to at least 3800. Dealers / investors ought to be attentive as the present consolidation/ accumulation interval will offer a few purchase signals/ entrances before the next bull market takes over and leaves the present lows behind.
Below is such a case where the 1W RSI and Mayer Multiple provide the final Buy Signal within June and October:
Read other source.
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