Bitcoin Weekly RSI Hits Lowest Level Ever... Bullish Recovery Is

This week we can appreciate the lowest value ever for Bitcoin (BTCUSD) on the weekly timeframe.

The RSI hit below 26.5 and we consider this index/indicator to become oversold once it hits below 30 (in this specific timeframe).

The RSI has only gone below 30 twice in the past.

• (1) It happened back in January 2015 and this also marked Bitcoin's bear market bottom at that time. What followed was a bullish recovery and it took over 2 years before the previous All-Time High was hit.
  
  
• (2) It happened again back in December 2018 and this time again marked Bitcoin's bear market bottom. What followed was a long recovery. It took over 2 years before the previous All-Time High was again hit.

Here is Bitcoin's weekly RSI:

(3) We now have this new low on the RSI and we can expect a recovery for sure.

As mentioned in my previous trade idea, we will have a bullish wave that ends up in a lower high then strong consolidation before... You can read the full analysis here:

Just keep in mind that it can take multiple years, based on past history, before Bitcoin reaches/beats its latest All-Time High...
This is all based on the RSI.

We will we go deeper and look at the MACD and other indicators in the days and weeks to come.


Namaste.