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 Month...
