'Bullish year ahead' — Bitcoin primed for Q1 2021 gains, strength index suggests
The monthly RSI of Bitcoin has surpassed 80, which has historically led to larger rallies in the past. The monthly relative strength index (RSI) of Bitcoin (BTC) shows the dominant cryptocurrency is primed for another rally.Is 2021 an ideal time for a Bitcoin rally?The RSI is a momentum indicator that measures whether an asset is overbought or oversold. When the RSI surpasses 75, it signals the asset is overbought, and when it drops below 30, it means the asset is oversold.A pseudonymous trader known as “Crypto Capo” noted that the monthly RSI of Bitcoin is set to close above 80.....
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Bitcoin price closed the month of October with a higher high on the candle closing, a feat that has throughout history always led to a renewed bull run and additional all-time highs. Coinciding with the November monthly open, here are ten bullish Bitcoin price charts that suggest bullish continuation is ahead – but also warns that the eventual end to the market cycle is near as well. Ten Bullish Monthly Bitcoin Price Charts The leading cryptocurrency by market cap has made a higher high on the highest timeframes – a clear signal that the trend has yet to conclude. By pure definition, an....
A rebound in Bitcoin's relative strength index echoes early 2017, prior to months of upward price action to all-time highs of $20,000. Bitcoin (BTC) is at the start of its next “main bull run” and the price peak won’t hit until the end of 2021, well-known analyst Willy Woo believes.In one of many recent Twitter discussions on Nov. 11, the creator of statistics resource Woobull produced fresh evidence that Bitcoin’s price gains are only just beginning.Woo: Bitcoin RSI “just warming up”Uploading a chart showing Bitcoin’s relative strength index (RSI), Woo noted similarities between the....
Altcoins have been bigger winners than bitcoin in the recent recovery. Even though the latter led the recovery, the smaller cap coins have been making all of the waves in the space, outperforming other indexes and bitcoin included. All of this has pointed to an altcoin season after a purported ‘crypto winter’ and the gains recorded so far in February are additional proof of this. Small Cap Index Takes The Lead The whole of the crypto market had suffered from the downtrend that began in December. However, the second week of February had come to some reprieve with double-digit gains across....
Ethereum has consolidated since hitting the $465 highs last week. It is neither up nor down in the past 24 hours. Still, analysts say that Ethereum is primed to move even higher in the weeks ahead. An analyst noted that the cryptocurrency is currently in the midst of a bullish pennant pattern, which could trigger a move above $500. Ethereum Primed to See Strong Rally Higher Ethereum has consolidated since hitting the $465 highs last […]
Bitcoin bulls are back in charge, so to speak. The headline alone makes quite a statement, and there are no doubt several readers questioning how one might draw such conclusion after only a small move and lack of new highs. The conclusion has been made for us all, depending on what the Average Directional Index is currently saying about an asset – in this case the top cryptocurrency by market cap. Let’s take a look what the trend strength measuring indicator says about Bitcoin price action. Tug-Of-War Ends With Bears Falling Flat Last week, after several weeks of chop and stalemate,....