Bitcoin rainbow chart, RSI and other indicators show that the price has not yet peaked
On May 26th, lookonchain posted an analysis of last week’s record high Bitcoin price, using the following four indicators to analyze whether Bitcoin is currently at its peak:
- Rainbow Chart:
The latest 2023 Bitcoin Rainbow Chart shows that BTC is still holdable and is expected to top out at over $200,000 this cycle.
- Relative Strength Index (RSI) Chart:
RSI ≥ 70: Bitcoin is overbought and could fall soon; RSI ≤ 30: Bitcoin is oversold and could rise soon.
Currently the RSI is at 71.35, and $BTC does not seem to have peaked yet compared to historical data.
- 200 Week Moving Average Heat Map:
The 200-week moving average heat map shows that the current price point is blue, indicating that the price has not yet reached a top and that now is the time to hold and buy.
- 2-Year MA Multiplier
The 2-Year MA Multiplier shows that the BTC price is between the red and green lines and has not yet touched the red line, the market has not yet reached the top.
To summarize: According to the analysis of the above four indicators, BTC has not yet reached the top of the current cycle, and the price still has room to rise, so it is suitable to continue to hold or buy.