Momentum for both BTC and ETH remains in neutral territory, using the Relative Strength Indicator (RSI) as a proxy for momentum GWilliamsJr_CMT writes
BTC’s current RSI is approximately 49.06 – a very middling level. RSI is a technical indicator that ranges from 1-100. Readings over 70 imply that an asset is potentially overbought, while readings under 30 imply that an asset is possibly oversold.
For ETH, filtering for RSI levels between 47 and 49, showed 43 occurrences since 2017, with an average 30-day gain of 6.7%. The results should not be viewed as predictive but can provide context as to where investors think prices may wind up.If using the historic data for guidance, it’s difficult to find a bullish scenario in the short term. Both price points fall within areas of significant price agreement, decreasing the likelihood of prices pushing higher without an external catalyst.
Their respective Bollinger Bands lend additional credence, as BTC and ETH have stayed closely tethered to their 20-day moving averages, straying from the mean only briefly, before reverting back.The appetite of asset managers has picked up, adding to their long positions in bitcoin for three consecutive weeks.
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