The weekly chart of the altcoin market shows a rare red signal from the Better RSI, indicating a potential market rebound. As per the recent post by Moustache on X, the altcoin market is approaching a bottoming pattern. This signal has only appeared six times in the past eight and a half years, and five out of those times, it has marked the bottom for altcoins. The current market trend shows that we might be witnessing another such bottom.
The chart highlights significant points where the RSI signal occurred. These points occurred during 2015, 2019, 2020, 2022, 2023, and now in 2024. Each highlighted point correlates with a noticeable market turnaround.
The Better RSI, a momentum oscillator, typically signals whether the market is overbought or oversold. The red signal appears when the market is deeply oversold and it implies that a market rebound is on the horizon.
It was observed that whenever the red signal appeared, the altcoin market marked a significant low. In 2015, the signal coincided with a period of market consolidation before a significant upward trend. Similarly, in 2019 and 2020, the signal marked the start of bullish runs. The 2022 and 2023 signals also corresponded with periods of market correction, leading to subsequent recoveries.
Analyst Seizes Altcoin Opportunities Amid Market VolatilityCurrently, the Better RSI is marketing red in 2024. It could be a signal for an upcoming market bottom. This pattern suggests that the altcoin market could be gearing up for a rebound. According to historical data, these rare indicators have better predicted the market bottoms. Traders and investors closely watch such signals to time their market entries.
The weekly chart and the RSI data provide a compelling case for a potential market reversal. If history repeats itself, this signal could lead to significant gains in the altcoin market. The prolonged appearance of Better RSI’s red signal strengthens the possibility of a market bottom for altcoins.
