Here, I have charted downward arrows on starting from overbought to the movements it made to bottom, oversold or near there (<40RSI)
I used horizontal lines to synchronize when is oversold and when BTC is at top of cycle.
As we can see, does not lie, it is a good indicator of showing when bulls are exhausted and therefore bears evident to come in.
I will be looking for BTC entries at hard, real support.
That is around 6-7k and maybe low 8ks depending on how other indicators act.
This is not a trade, this is educational and meant to point out correlations between and Bitcoin cycles.
As you can see, it is pretty reliable.
We can also see price bounce from 100 moving average and we can use that as a dynamic / zone.
Even if you are not on Bitcoin , there is no point in investing in a disadvantageous manner and ignoring the flagship.
Just remember this is risky, we are in uncharted bubble territory and we can see a replay of MTGOX event ( BTC $1200 -> $200) with Bitfinex and tether situation, but much worse, since this market is not just made by early adopters anymore.
A custom indicator called CM_Williams_Vix-Fix Finds Market Bottoms is also pretty reliable at pointing out bottoms (yellow)
is also pretty reliable in this sector.
Wait for more signals of trend end, such as buyers exhausting, volume dry, and more.