Bitcoin monthly RSI lowest since September 2020 in fresh 'oversold' signal
As a "hidden bullish divergence" begins to play out, anticipation combines with calls to plan a Q1 market exit. A key Bitcoin (BTC) metric has just reached its lowest levels since the months after the March 2020 market crash.As noted by popular analysts on Jan. 5, Bitcoin's relative strength index (RSI) is printing a "hidden bullish divergence" on monthly timeframes — and if it plays out, they say, the result will be very pleasing for hodlers.RSI falls below summer 2021 floorAmid frustration at the lack of direction on BTC/USD, it is no secret that a host of on-chain indicators has long....
Related News
Litecoin has fallen to $2.677 after a fresh collapse from the short-term support line. The technical indicators are suggesting oversold conditions, but I believe that the cryptocurrency can still lose value in the coming sessions. There is also a slim chance that Litecoin may briefly enter into a very tight range. Take a look at what the technical indicators are saying about Litecoin. Litecoin Chart Structure - After the tiring sideways consolidation which extended for 9 straight sessions, Litecoin broke down from the short-term support and is seen heading towards the monthly low of....
Current limp Bitcoin price performance is not fooling analysts, as Advanced NVT Signal joins those predicting a dramatic BTC renaissance. Bitcoin (BTC) is “seriously cheap” at $56,000 relative to network activity — and that means only one thing, one analyst says.In a tweet on Nov. 24, Philip Swift, creator of analytics platform LookIntoBitcoin, highlighted a bull flag on Bitcoin’s Advanced NVT Signal.Bitcoin "deep into oversold territory"Advanced NVT uses Bitcoin’s market cap and network volume to determine the extent to which BTC is overbought or oversold at a certain price point.As Swift....
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....
Bitcoin price is currently trading at around $23,500 at the time of this writing, up over 30% from lows and 10% for the week. The recovery has brought the weekly RSI out of oversold territory after reaching historical levels. Here is why the setup could be the buy signal bulls have been waiting for, and how the Relative Strength Index currently resembles the last bear market bottom. Weekly Bitcoin RSI Recovers From Historical Oversold Conditions In technical analysis, sometimes less is more. Traders commonly fill a chart with lines or indicators, desperately seeking an edge in the market.....
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.....