Bitcoin Set for a Big Rally As Market Strengthens.
As the market strengthens, Bitcoin price has found itself on an uptrend with a big rally on the cards. Data charts show the popular cryptocurrency will head higher after some consolidation. The bulls are confident despite the last rally being short-lived.
Bitcoin is currently holding at $22,861. It gained 1.13% in the last 24 hours, and 10.11% in the past seven days. Crypto Wolf, a popular trader, believes Bitcoin’s latest recovery sets it apart from all others. He said the relative strength index on January 18 had printed a long-awaited bullish divergence on weekly timeframes. This has never happened before. The trader highlighted that Bitcoin printed a rare weekly relative strength index bullish divergence. And this has never happened in cryptocurrency’s history – making it a lifetime opportunity.
The RSI is a fundamental gauge that traders use to determine whether an asset is overbought or oversold at a given price. Wolf said the charts were screaming bottom but the majority was in full bear mode. Trader Tardigrade, an analyst, sees good times ahead. He said Bitcoin has been repeating the pattern in RSI and Price Action to the 2019 bottom. The analyst highlighted the daily chart wherein the RSI shows a strong uptrend to the overbought zone. Moreover, the popular cryptocurrency saw a significant drop and prompted buying of Bitcoin.
Bitcoin is seeing gains, but it failed to reach the upper range of the Bollinger Bands for three consecutive days. And there was a decline in volatility too.