In a recent interview with CNBC economist Robert Shiller recent announced that the Crypto bubble might never burst.
Bitcoin (BTC.CR) are on watch today as the crypto currency have touched 7990.19 on a recent bid, seeing volume of 571094746 on the day. The overall strength of the crypto will scrutinize as the RSI levels have touched on key levels for the different ranges. First we will look at the 1-week numbers which stand at 54 out of 100. The two week relative strength stands at 55 and the four week relative strength of the crypto is at 61.
In order to get a broader picture of how the levels have sustained over a longer timeframe, we can peer into the longer term strength of Bitcoin (BTC.CR). Bitcoin have a thirteen week RSI of 71, a twenty six week relative strength of 28 out of 100 and a full year relative strength over the past fifty two weeks of 57, also on a 0 to 100 scale.
RSI is a useful indicator to determine if a crypto coin is overbought or oversold and might be headed for a reversal based on current and historical levels. By definition, RSI = 100 – 100 / (1 + (Average gain of up periods over time frame / Average loss of down periods over time frame)) The RSI is going to spit out a number that is between 0 and 100. If the number is below 30, the coin is most likely being oversold. If the number is above 70, the coin is most likely being overbought. When a coin is above 70 or under 30, these are typically considered “target” levels by traders. When a crypto touches an RSI above 70 it can be considered in oversold territory, where if it touches below 30, it would be considered oversold.
Bitcoin (BTC) is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is like cash for the Internet. Bitcoin is the first implementation of a concept called “crypto-currency”, suggesting the idea of a new form of money that uses cryptography to control its creation and transactions, rather than a central authority. The first Bitcoin specification and proof of concept was published in 2009 in a cryptography mailing list by Satoshi Nakamoto. Satoshi left the project in late 2010 without revealing much about himself. The community has since grown exponentially with many developers working on Bitcoin. Initial announcement.
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