Bitcoin(BTC) Still Has A Lot To Prove Looking At The RSI Index Chart Which Indicates That It’s Still In It’s All Time Low by hironakamura

hive-167922 · @hironakamura · Jan 20 '23

$10.15

Bitcoin(BTC) Still Has A Lot To Prove Looking At The RSI Index Chart Which Indicates That It’s Still In It’s All Time Low

There is a lot which the king crypto needs to prove even if it has been able to print a new all time high as regards selling price, looking at the Relative Strength Index which indicates that bitcoin is still in it’s all time low historically.

![4643B5EC6DF046CE97F2DCC635F5157B.jpeg](https://i.imgur.com/AI7zuAI.jpg)
[source](https://www.businesstoday.in/amp/crypto/story/what-is-bitcoin-how-does-it-work-find-out-here-332075-2022-05-02)

From the RSI you can be able to possible to determine if the bitcoin was overbought or oversold, a crypto analyst is saying that bitcoin has a lot to prove in he’s words and he will commend the movement of the king crypto from trading around $15k to selling above $20k.

Benjamin Cowen in a YouTube session says [that](https://dailyhodl.com/2023/01/18/one-indicator-suggests-bitcoin-still-has-much-to-prove-despite-rally-to-21000-says-analyst-benjamin-cowen/);
It’s a very nice move by Bitcoin from all the way down from $15,000 back up to $21,000. Note that the monthly RSI in November went lower than where it was in June. The monthly RSI is back up to around 44 to 45. What I want to do is draw a line across where it currently is.

Where it currently sits just above this low [in 2019] and it sits basically at the same level as that one [in 2015]. Bitcoin still has something to prove here. It still needs to actually close above these levels and continue higher before it’s actually going to show any compelling evidence here on the monthly time frame.

Note that in 2015, the monthly RSI basically hugged the lows for three-fourths of the year. Until September, the monthly RSI didn’t really go anywhere. In 2019, we were only here for a few months.

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