Bitcoin could be looking at a massive rally as the market strength seems to be copying the conditions from the bear market of 2018. According to the latest information, the exchange will be continuing to move higher after some consolidation- which was a result of the key signals from its RSI or the relative strength index. When the price gains of BTC are still coming through, the bills of BTC are feeling quite confident despite the widespread mistrust regarding the longevity of the current rally.
Crypto Wolf, a popular crypto trader, believes that this key phenomenon will set the latest recovery of the cryptocurrency apart from the rest. He went on to note that the RSI, on the 18th of January, had been printing for a long-awaited bullish divergence on the weekly timeframes- something that has never taken place before.
Bitcoin Looks Capable Enough Of Climbing Back To Earlier Glory
Crypto Wolf further summarized on the 21st of January that Bitcoin had printed a rare weekly RSI bullish divergence– which is something that had never been seen before in the history of the cryptocurrency- a once-in-a-lifetime opportunity. For those who are unaware, the RSI is a fundamental gauge that has been constantly used by traders in order to see if an asset has been oversold and overbought at a given price. The weekly print has also been quite long in the making, with Cointelegraph reporting on the arrival in advance at the end of the previous year. Wolf went on to add that the technicals were already there- but the usual majority was in a completely bearish mode.
With this slight victory, Bitcoin is going hard to repeat the kind of renaissance that was previously seen at the end of the earlier bear market in 2019. Trader Tardigrade, an analyst and trader, also went on to predict that the cryptocurrency could see some good times for a good few months in the near future. Speaking to his followers the previous week, he stated that the cryptocurrency had been repeating the same pattern in Price Action and RSI to the 2019 bottom.