Bulls need time

[Tunanetral]

One potential worrying factor for the sustainability of this impressive bitcoin rally is the fact that the weekly Stochastic Relative Strength Index (Stochastic RSI) refuses to go down from a very overbought level. Instead, it only moves sideways while still maxed out

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[akuser]

Another factor that cannot be stopped is reducing the supply of bitcoin.
this can be a cycle that cannot be stopped and bitcoin will continue to rise.
many predict this.

[fudster]

This is where the indicators going to make more mistakes and maybe those trading bots are also going to dump some tokens when it fact it should hold. Don't rely so much of that RSI, they say its  good to use it along with MaCD. Well I'm not the man to be asked why but that's  what I heard. Bulls needs time because they  don't wanna blow the price so fast otherwise all the  rest are going to dump and wait for its price to settle.

[palle11]

You are making analysis with your personal indicator like it is an authority that what you have seen with Relative Strength Index(RSI) must happen. 

Do remember that others have one or two indicators they are also trading with.

Finally, Relative Strength Index is a lagging indicator. So, it interprets what has already happened but not what will happen.

[Seth2009]

One potential worrying factor for the sustainability of this impressive bitcoin rally is the fact that the weekly Stochastic Relative Strength Index (Stochastic RSI) refuses to go down from a very overbought level. Instead, it only moves sideways while still maxed out

Everything needs time... Bitcoin takes 8years before it reached its all time high of almost 19k$ from cents way back 2017 december.. Trees need time till it produce its fruits or flowers.. This is a matter of patience trust and perseverance... Coz in the end no matter how. Long you wait you know deep inside you that what you wait is worth waiting for... Just be patient sooner or later bitcoin will be back on track..

[The Sceptical Chymist]

Another factor that cannot be stopped is reducing the supply of bitcoin.

That's one of the things I really like about bitcoin, as opposed to things like stocks.  In the stock market, the number of shares for a given company can ebb and flow based on buybacks, stock options granted, and other factors.  With bitcoin, the only thing that affects supply is the number of newly-mined btc, and that isn't going to keep happening forever.

The price of bitcoin is thus determined almost entirely by demand, and though I'm quite happy that it's above $5000 right now I'm not sure if it'll stay there.  There's definitely some bullish sentiment present, but we all know that can change in a second.  Personally, I'm also happy that I actually own some bitcoin during a rise like this, and I haven't sold any lately.  Usually when the price starts to crackle, I've got nothing. 

[liuqi]

One potential worrying factor for the sustainability of this impressive bitcoin rally is the fact that the weekly Stochastic Relative Strength Index (Stochastic RSI) refuses to go down from a very overbought level. Instead, it only moves sideways while still maxed out

Everything needs time... Bitcoin takes 8years before it reached its all time high of almost 19k$ from cents way back 2017 december.. Trees need time till it produce its fruits or flowers.. This is a matter of patience trust and perseverance... Coz in the end no matter how. Long you wait you know deep inside you that what you wait is worth waiting for... Just be patient sooner or later bitcoin will be back on track..

Last one week are seeing more discussion about the bitcoin price bump but no one sharing their experience faced such as making fund on the bull run rally.
Have some fund on wallet at the same time keep some money in trading to keep it evolved and how it can be make utlized well in the peak time.

[whirlcoin]

One potential worrying factor for the sustainability of this impressive bitcoin rally is the fact that the weekly Stochastic Relative Strength Index (Stochastic RSI) refuses to go down from a very overbought level. Instead, it only moves sideways while still maxed out

yes you are right the development is base done the time factor also so if Bull Run is happening to the currency it will take some times to develop otherwise the investors take a chance to get out from this field the factors of development will be reduced today due to the demand reduces.

[rizkyhiw]

One potential worrying factor for the sustainability of this impressive bitcoin rally is the fact that the weekly Stochastic Relative Strength Index (Stochastic RSI) refuses to go down from a very overbought level. Instead, it only moves sideways while still maxed out

Everything needs time... Bitcoin takes 8years before it reached its all time high of almost 19k$ from cents way back 2017 december.. Trees need time till it produce its fruits or flowers.. This is a matter of patience trust and perseverance... Coz in the end no matter how. Long you wait you know deep inside you that what you wait is worth waiting for... Just be patient sooner or later bitcoin will be back on track..

Last one week are seeing more discussion about the bitcoin price bump but no one sharing their experience faced such as making fund on the bull run rally.
Have some fund on wallet at the same time keep some money in trading to keep it evolved and how it can be make utlized well in the peak time.

Yes, it can be important, not important to discuss, because it might be an insight for some new people here who might not know the history of lumps that occur several times now, everyone must have the advantage of pumping but it is not too important to discuss because it is not too useful for others, it is clear that there are currently so many who save Bitcoin in meetings to be able to follow the upcoming pump path and maybe even further, it all takes time to not despair halfway.

[playboy654]

Basically we need to give some time for development otherwise if we put all your investment in a single currency and take it out very quick time will not give any profit for you it will only retain in your hands otherwise that time will always helpful for you to get a good profit for your investment.

[Palmaper]

Honestly, I have never seriously considered the signals provided by the "technical analysis", because I am convinced that there is such a diversity of indicators that can practically give any signal to any analyst, since they have always had a great deal of subjectivity, so I think that trying to give them so much weight when forecasting the next market movements is usually the cause of so many headaches in naive investors.

[carter34]

Honestly, I have never seriously considered the signals provided by the "technical analysis", because I am convinced that there is such a diversity of indicators that can practically give any signal to any analyst, since they have always had a great deal of subjectivity,

The indicators really are not to be relied upon for confirmation of trend. I think that bitcoin have shown not to be dependent on TA or fundamental, it is just independent in my view. In other words, I take my other as what I see.

[Baofeng]

I think if you have been in the market for about 3 years or so, you would understand that bulls doesn't run overnight. You don't need to rely on TA, just common sense and experience will do. Obviously, we need them to give more time and support so that when they engaged themselves it will be difficult for them to be stop and we don't know where they are going to stop, julst like what we have witnessed in 2017.

[mrdeposit]

I think if you have been in the market for about 3 years or so, you would understand that bulls doesn't run overnight. You don't need to rely on TA, just common sense and experience will do. Obviously, we need them to give more time and support so that when they engaged themselves it will be difficult for them to be stop and we don't know where they are going to stop, julst like what we have witnessed in 2017.

Most of the time uncertainty is the biggest feature of this market. If the bull's movement continued according to the graph, such increase could not be expected. This may not apply to some movements, but it is more appropriate for big movements.

[joniboini]

Most of the time uncertainty is the biggest feature of this market. If the bull's movement continued according to the graph, such increase could not be expected. This may not apply to some movements, but it is more appropriate for big movements.

A graph is pretty much useless if there are fundamental changes happening in a short amount of time. Imagine if today or tomorrow, SEC suddenly announces they will accept Bitcoin ETF, even if it shows an overbought condition, I believe people will start buying like crazy due to FOMO.

The good thing is TA still work if there are no fundamental changes that are accepted/considered by the market, so the movement is purely based on technical analysis. Day trader or swing trader will love that.

[gentlemand]

I'm certainly doubtful that the current movement is going to build something that lasts, but I don't really care. What we needed was a little shot of upside. If it craps out, and it may well, at least that was a reminder of what's possible. It'll happen again when the time is right and it'll sustain.

[richminded]

Another factor that cannot be stopped is reducing the supply of bitcoin.
this can be a cycle that cannot be stopped and bitcoin will continue to rise.
many predict this.

Because of the increase on the demand and the lost bitcoin, the supply are getting limited and it makes the price more expensive. The bull needs time to develop a great form of candles so they it will last longer. Those predictions are good, it can happen any time. The market is getting better, everyone is not panicking anymore but the FOMO increases again. Hopefully this is the best time for bull to appear.

[frankcastle19]

how long we should wait?

[Yaunfitda]

how long we should wait?

I'm sorry to burst the bubble for you but no one in this community can answer that question. A lot of parameters to be considered, demand, sentiments of the investors, news in the market etc.

The bull is still going strong as of this day, we have breached another mental barrier of $5200 so I guess the run will continue, so let's wait and see.

[N0sferatu]

I wouldn't be so pessimistic at all.

If you watched charts on exchanges - especially orderbooks and candlesticks - in the past 2-3 weeks, you could see that the bears clearly lack of volume. The bulls "attack" more frequently and every several days we're seeing new highs. Sudden dumps currently only seem to occur when huge stop orders have been executed.

Finally, Relative Strength Index is a lagging indicator. So, it interprets what has already happened but not what will happen.

First time i see someone on the forum actually pointing that out! Good job.