Analyst gives reasons why the Bitcoin price is not yet decisively optimistic
Bitcoin saw a gigantic train on Friday and Saturday. Within a period of 12 hours, the leading cryptocurrency traded 27 percent higher, reaching a local high 10 500 $.
Despite this undeniably optimistic course, which is actually the fourth largest in the history of Bitcoin and the largest since there are some signs that the bears still have some grip.
An analyst named James recently resolved these signs in the tweet below. He noted that Bitcoin’s week-long Relative Strength Index has not reached the desired level, the RSI signals the peak of every notable bear market rally and the low of any bull market correction in recent years.
Really interesting chart.
Weekly RSI still failing to break the “line in the sand.”
Price rejected at the 42% retracement of our downtrend.
Now tucked under the 16 week MA.
But … still holding above the 50 daily MA and 16 weekly EMA. pic.twitter.com/IcymDD4o6T
– James (@coinzada) 21. October 2019
Bitcoin Bull Case is being built
While James points to a confluence of factors that support the feeling that Bitcoin is not ready to break even higher, another Bull Case is building up elsewhere. And fast.
CryptoHamster has recently observed that Bitcoin still looks bullish in a long-term period. You’ve recently posted the following chart showing that Bitcoin’s current one-week Heikin Ashi candle has two high wicks on each side and a thin green body. That would mean a “potential trend reversal.”
That is not all. The same analyst also noted that the weekly Fisher Transform indicator, which shows when prices have moved to extremes to signal buy and sell opportunities, has recently printed a bullish crossover. CryptoHamster notes that “this signal is seldom wrong” and thus means a resumption of the long-term uptrend of the Bitcoin price.
This signal is false. $ BTC $ BTCUSD #bitcoin pic.twitter.com/kRpLM0MlbB
– CryptoHamster (@CryptoHamsterIO) 18. October 2019
Text Proof: newsbtc
Last update: Sunday, . October 2019