bOnchain

Pi Cycle: BTC has not been at the market bottom

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
This post uses the pi cycle indicator to examine the market bottom in this cycle. The indicator has not given a signal of market bottom. Examining this indicator in previous cycles, it seems that bitcoin is in the pre-bottom phase. At this point, the price has moved between the SMA 471 and EMA 150.
RSI indicator in the previous bottoms of the market also shows that this indicator has entered the overbought area in the weekly timeframe and crosses down the value of 20. In the current cycle, although the RSI is on a downtrend, it has not entered the overbought area.

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