Bitcoin Rally Is Here, According To Crypto Analyst | CryptoGazette
https://ift.tt/8V3csar
The latest reports highlight that there is a technical indicator that hints at a sizeable BTC rally according to the latest reports. The crypto market dropped the other day and some investors have been freaking out.
But now, it seems that things start to go great and the crypto market is looking green again. Check out the latest BTC price and predictions below.
At the moment of writing this article, BTC is trading in the green and the king coin is priced at $38,596.
There is a popular crypto analyst who thinks one metric might hold the key to revealing if Bitcoin (BTC) is headed for a breakout after a sudden price drop.
In a new YouTube update, Justin Bennett is addressing Bitcoin’s relative strength index (RSI), a metric analyzing the crypto asset’s candle oscillation over 14 periods.
BTC on a daily time frame
In Bitcoin’s case, Bennet examines BTC on a daily time frame. The analyst highlighted the comparable chart movements that occurred in the summer of 2021 as well as last month.
“Now recently ever since these highs up here [approximately $60,000 to $66,000] from the price we saw the RSI do something very similar. We had these lower highs that formed a trend line.”
He also said the following:
This trend line broke her back here [January 2022], it made a run up just like it did back here [August 2022], and now it’s pulling back.”
The same analyst also said this:
“What’s interesting about this though is [looking] at the level where the RSI is pulling back right now. You can see that it lines up exactly to what we saw back here in September. Right now the RSI’s bouncing right from that same level, and obviously this was right when we saw Bitcoin put in a low and then go on a big move.”
Things seem to be looking brighter for crypto amidst the geopolitical tensions.
Cryptocurrency
