If we take a look at the last two bull runs of June 26th and July 9th , the MACD and RSI have similarities to todays bull run. Sure, RSI is over bought but this was the same case as the June 26th bullrun. As you can see the MACD resembles the MACD as of now on the 4HR chart, which means it could push further upward. The RSI peaked at 92 on June 22nd, came down to 67 on June 23rd than resumed upward to a peak of 93 when Bitcoin hit a high of $13,800.
The Differences and Concerns
The Differences and Concerns
- Todays bullrun has a steeper MACD cross, as well as the sell off is steeper than the July 9th sell before peaking. The same can be said about the June 22nd selling. It was minimal but continued upward shortly after. When comparing the last two peaks, it seems that it reached the peak shortly after a sell off. This case, the sell off is deeper and peak curve downward is steepening.
- Next, if we look at the Histogram, it may point that the sell off has just begun. There are almost no points that show the histogram turning bullish again after a peak. After every peak, the histogram went down. Both of these point towards a deeper sell off, but anything can happen.