RSI analysis reveals Bitcoin is due a 'big rally'

Bitcoin has started off 2023 with a bang, breaking the $23,000 mark and printing a strong, bullish candle on the daily chart. Now, Bitcoin has added further optimism to traders looking long by displaying a bullish divergence signal. 

Examining RSI...

According to the latest analysis, analysts suspect BTC/USD will continue to head higher after some consolidation. Analysts have reached this conclusion by analyzing Bitcoin's weekly relative strength index (RSI) reading. The RSI is a momentum indicator used in technical analysis to gauge whether an asset is oversold or overbought. 
On the weekly chart above, Bitcoin displayed what is known as a "bullish divergence" signal. As the weekly chart made lower lows, the RSI (purple section) made higher lows. In this circumstance, the divergence suggests that downward pressure is weakening and that a reversal may be coming. 
Adding further merit to the argument is Bitcoin's previous reaction to such a divergence. In the 2019 bottom, Bitcoin's daily RSI printed higher lows while Bitcoin displayed lower lows. Soon after, the asset bottomed, and a bull rally commenced. 

Crypto traders: Are you keeping track? History doesn't repeat itself, but it often rhymes. Are we at the beginning of a new bull market? 

Read the full story here on Cointelegraph. 

Don't miss a beat in the world of crypto. Leverage the same AI technology that Cointelegraph's journalists use to surface the latest news with the NewsQuakes™ indicator that's only available on Markets Pro — click here to learn more.

Regards,

Russell DeCorte
Director
Markets Pro

© 2022 COINTELEGRAPH MARKETS PRO COINFIDENTIAL.
Facebook
Twitter
Link
Website
Copyright © 2023 Cointelegraph Markets Pro, All rights reserved.
You are receiving this email because you opted in at our website.

Our mailing address is:
Cointelegraph Markets Pro
21 W 46th St
New York, NY 10036-4119

Add us to your address book


Want to change how you receive these emails?
You can update your preferences or unsubscribe from this list.

Popular posts from this blog

Reddit Community’s MOON Tokens Soar

Image
Plus, Celsius settles with shareholders from its Series B funding round July 18, 2023 The latest moves in crypto markets, in context By Lyllah Ledesma, CoinDesk reporter Was this newsletter forwarded to you? Sign up here .    Supported By   Happy Tuesday! Here's what you need to know today in crypto: MOON, the native token of Reddit's r/Cryptocurrency community, has surged following the recent change in terms of service for the website.  Coinbase Earn is particularly vulnerable to being defined as a security, said Berenberg in a research report.  Celsius has agreed with its Series B shareholders over proceeds from the GK8 sale.     Latest Prices CoinDesk Market Index (CMI) 1,295 −9.3 ▼ 0.7% Bitcoin (BTC) $29,773 −327.5 ▼ 1.1% Ethereum (ETH) $1,887 −18.0 ▼ 0.9% S&P 500 futures 4,550.25 −3.5 ▼ 0.1% ...
Read more

Are Crypto Investors Protected?

Image
Webinar March 31 at 1 p.m. ET Sponsored by Trulioo As cryptocurrencies become increasingly mainstream and digital trading and investment platforms attract experienced and novice investors alike, regulatory reform, specifically the acceleration of new measures to mitigate financial crime, is adapting to protect consumers. Join Trulioo's exclusive webinar to hear how crypto exchanges can navigate the dynamic and evolving regulatory landscape.   Nick Lord of Blue Pool Communications will moderate a discussion with Trulioo SVP, Identity Solutions, Garient Evans and Bitbuy Chief Compliance Officer, Torstein Braaten.  Garient Evans SVP, Identity Solutions Trulioo Torstein Braaten Head of Regulatory Affairs & CCO Bitbuy Moderator Nick Lord Founder Blue Pool Communications   Copyright © 2022 CoinDesk, All rights reserved.    250 Park Avenue South New York, NY 10003, USA You can manage your preferences here or unsubscribe from all   CoinDesk ...
Read more

Coinbase's revolving door

Image
To view this email as a web page, go here. July 31, 2019 US FIRST: Any U.S. resident with a government-issued I.D. can now trade futures contracts for real bitcoin. Revealed exclusively to CoinDesk, LedgerX has officially launched the first physically settled bitcoin futures contracts in the U.S., beati...
Read more
powered by Coinlib
Advertise with Anonymous Ads