Cryptocurrency analyst and economist Alex Krüger says a technical indicator shows Bitcoin hasn’t been this overbought since late 2017.
According to Krüger, the last time the Relative Strength Indicator (RSI) was in this territory was on December 6, 2017, just before Bitcoin’s parabolic rise from $13,700 to nearly $20,000, which was followed by a huge correction. The RSI is often used by traders to gauge the momentum of a given asset or market.
Last time $BTC was this overbought (RSI) on a daily chart was December 6, 2017, with price at $13700. Back then, a parabolic move ensued.
— Alex Krüger (@krugermacro) May 11, 2019
Meanwhile, Fundstrat co-founder and head of research Tom Lee is highlighting his firm’s research that shows Bitcoin makes most of its gains in just 10 days of a given year.
If you exclude BTC’s 10 best days, the digital asset loses 25% a year.
This week’s strong move on #crypto and especially #bitcoin is reminder $BTC historically generates its annual performance in 10 days. Miss those 10 days and average return is -25%.
Reminder to #HODL https://t.co/DMF5QLi5kH
— Thomas Lee (@fundstrat) May 11, 2019
Right now, the crypto market is a sea of green, with Bitcoin up 9.92% at $6,861, according to Coin360. Ethereum is up 11.68% at $191.43, and XRP is up 9.19% at $0.3239.
CoinDesk’s Omkar Godbole is outlining Bitcoin’s potential to reach $7,400 as analysts look toward the future of the altcoin market.
CoinDesk – BTC move toward $7,400 could be preceded by a price pullback
NewsBTC – Short squeeze may sustain crypto rally
CoinCodex – Ethereum could blow past $200 with sustained break above $190
Captain Altcoin – ETH is the most attractive altcoin at the moment
AMBCrypto – Long-term support for XRP at $0.29
Cointelegraph – XRP continues to trade in $0.27795–$0.33108 range
Hacked – LTC approaching point where the market is attractive for bottom picking
Captain Altcoin – Is this the ideal time to long Litecoin?
Bitcoin Cash, EOS, Cardano, Monero, IOTA
NewsBTC – Crypto Market Hits $200 Billion: BCH, LTC, EOS, ADA Analysis
Bitcoin Exchange Guide – Ethereum, IOTA, Litecoin, Monero leading altcoin gains[the_ad id="42537"] [the_ad id="42536"]