1/ Bitcoin price witnessed two major collapses in August!
Will it continue to decline or will it rebound? 🤔
Let's use 4 indicators to determine if we should escape the Bitcoin top.
2/ Rainbow chart
The rainbow chart is a long-term assessment tool that uses a logarithmic growth curve to predict the likely future direction of the $BTC price.
The new Bitcoin Rainbow2023 chart shows that Bitcoin is still cheap.
3/ Relative Strength Index (RSI) chart
Who is ≥ 70: Bitcoin is overbought and may drop soon.
If ≤ 30: Bitcoin is oversold and may rise soon.
The current RSI is 61.87, compared to the previous data, it seems that $BTC has not reached its peak yet.
4/ Heat map of 200-week moving average
The 200-week moving average heat map shows that the current price point is blue, meaning that the highest price has not been reached yet, now is the time to hold and buy.
5/ 2-year moving average multiple
The 2-year moving average multiple shows that Bitcoin price is in the middle of the red and green lines, it has not touched the red line and the market has not reached its top yet.
In my opinion Bitcoin has not reached the top yet, there is a lot ahead of it.
If you find these tips helpful, share the post.
Do you have different indicators that you use to analyze Bitcoin? Share them 👇
