On-chain analyst TechDev: Bitcoin RSI channel history reappears, new cycle signals emerge clearly

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TechDev2024/12/23 03:45

By:TechDev

The latest Bitcoin price and RSI channel analysis chart released by on-chain analyst TechDev shows that since 2011, the RSI indicator has been running in a long-term downward channel, clearly revealing the inflection point pattern of market tops and bottoms.

From the chart, the top area of the RSI marked in red accurately captures the bull market peaks of 2013, 2017, and 2021, all of which occurred when the RSI touched the upper track of the channel; the bottom marked in green perfectly corresponds to the bear market lows of 2015, 2018, and 2023, which occurred when the RSI touched the lower track of the channel.

TechDev pointed out that the RSI is gradually rising and there is still some room for improvement from the top of the channel, indicating that the market may be in the middle stage of a bull market. This revalidation of cyclical patterns provides a strong reference for the Bitcoin after-market.

TechDev further explains: "The price cycle of the Bitcoin market and the changes in RSI are core tools for understanding long-term trends. As RSI steadily rises, market sentiment may further recover." However, he also reminds that although the RSI channel provides important cyclical signals, external macro environment and market volatility factors cannot be ignored.

On-chain analyst TechDev: Bitcoin RSI channel history reappears, new cycle signals emerge clearly image 0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

The Federal Reserve's Beige Book shows little change in U.S. economic activity, with increasing divergence in the consumer market. JPMorgan predicts a Fed rate cut in December. Nasdaq has applied to increase the position limit for BlackRock's Bitcoin ETF options. ETH has returned to $3,000, signaling a recovery in market sentiment. Hyperliquid has sparked controversy due to a token symbol change. Binance faces a $1 billion terrorism-related lawsuit. Securitize has received EU approval to operate a tokenization trading system. The Tether CEO responded to S&P's credit rating downgrade. Large Bitcoin holders are increasing deposits to exchanges. Summary generated by Mars AI. The accuracy and completeness of this summary are still being iteratively improved by the Mars AI model.

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