Technical analysis by jinbaittai about Symbol BTC: Buy recommendation (3/6/2024)

Based on the all history of #bitcoin cycles, every time RSI went above 70 on the monthly timeframe, it stayed above for a good amount of time. In 2012-2013 bull run, bitcoin spent 365 days above RSI 70, went below and the bear market started. In 2016-2018 bull run, it stayed there for 457 days. In the last cycle, bitcoin spent just 212 days above 70. Based on this, the average days spent above 70 on the monthly timeframe is 344 days. Every time it crossed 70 on the RSI, the price went parabolic. I'll follow this closely in the coming months.