Is Bitcoin Ready to Boom? This Signal Points To Strength
Bitcoin is stable when writing, falling below $60,000 after the encouraging expansion in the second half of last week. The path of least resistance in the short-term is northward since, despite weakness, prices are inside the bullish engulfing bar of September 13. Is The Bitcoin Bottom In? As prices retrace, on-chain data points to strength […]
Related News
In this episode of NewsBTC’s daily technical analysis videos, we flip the Bitcoin price chart upside down to get a unique perspective on the market. Take a look at the video below: VIDEO: Bitcoin Price Analysis (BTCUSD): October 27, 2022 We also examine a weekly buy signal on BTCUSD using the Relative Strength Index, and show several examples of the signal’s effectiveness using Bitcoin and other assets. Related Reading: Bitcoin Bollinger Band Breakout Starts To Squeeze Shorts | BTCUSD Analysis October 26, 2022 Inverted Bitcoin Price Chart Could Suggest Bear Market Is Over....
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 relative strength index is making lower highs while correcting from its overbought area. The run-up in the Bitcoin (BTC) price toward $50,000 last week risks exhaustion due to a mismatch between the cryptocurrency's price and momentum trends.So it appears the Bitcoin's price and relative strength index (RSI) have been moving in the opposite direction since late July. In doing so, even a strong push higher in the BTC/USD bids has coincided with lower peaks in momentum, suggesting that the pair's upside momentum is weakening out.Bearish divergenceA normal RSI momentum tends to tail the....
Although traders are on edge due to the price behavior of Bitcoin, some analysts think a breakout is just around the corner. Related Reading: Think XRP Is ‘Crashing’? Analyst Says You Deserve A Slap! One of the vocal supporters of Bitcoin is “Titan of Crypto,” who suggests that Bitcoin’s stochastic relative strength index (StochRSI) is about to signal a major move. Could BTC be about to start a fresh climb as institutional interest grows and technical signals line up? Bitcoin: Strong Reversal From StochRSI Signals Titan of Crypto claims that the weekly StochRSI of Bitcoin....
Bitcoin’s price has been showing signs of strength as its consolidation phase continues Although its upwards momentum has faltered, its current stability within the mid-$11,000 region is promising, as it points to some underlying strength amongst bulls Where the cryptocurrency trends in the near-term will likely depend primarily on its reaction to a couple of key levels One analyst is noting that a strong upside movement could be imminent in the near-term That being said, […]