Range Slider Event Handler Javascript

Single Read

The problem is that you're only reading the value once (at startup), instead of reading it every time the event occurs:

// this stores the value at startup (which is why you're always getting 1)
var rangeInput = document.getElementById("rangeinput").value;

You should be reading the value in the handler instead:

function testtest(e) {
    // read the value from the slider:
    var value = document.getElementById("rangeinput").value;
    // now compare:
    if (value > 0 && value < 5) {
        alert("First");
    } else {
        alert("Second");
    }
}

Or to rewrite your code:

var rangeInput = document.getElementById("rangeinput");
var buttonInput = document.getElementById("btn");

if (buttonInput.addEventListener) {
    buttonInput.addEventListener("click", testtest, false);
}
else if (buttonInput.attachEvent) {
    buttonInput.attachEvent('onclick', testtest);
}

function testtest(e) {
    var value = rangeInput.value;
    if (value > 0 && value < 5) {
        alert("First");
    } else {
        alert("Second");
    }
}

Updating rangevalue

It also looks like you want to update the output element with the value of the range. What you're currently doing is referring to the element by id:

onchange="rangevalue.value=value"

However, as far as I know, this isn't standard behavior; you can't refer to elements by their id alone; you have to retrieve the element and then set the value via the DOM.

Might I suggest that you add a change listener via javascript:

rangeInput.addEventListener("change", function() {
    document.getElementById("rangevalue").textContent = rangeInput.value;
}, false);

Of course, you'll have to update the code to use addEventListener or attachEvent depending on the browsers that you want to support; this is where JQuery really becomes helpful.

Use the mouseup event for that.

var rangeInput = document.getElementById("rangeinput");

rangeInput.addEventListener('mouseup', function() {
    if (this.value > 0 && this.value < 5) {
        alert("First");
    } else{
        alert("Second");
    }
});

DEMO: http://jsfiddle.net/ZnYjY/1

You can also use the FORMs oninput method:

<form oninput="result.value=parseInt(a.value)+parseInt(b.value)">
  <input type="range" name="b" value="50" />100 +
  <input type="number" name="a" value="10" /> =
  <output name="result"></output>
</form>

This has an advantage over onclick/onmouseup because it handles the case where the slider is moved using the keyboard (tab to the input and use the arrow keys)