{"id":379259,"date":"2019-04-21T21:30:06","date_gmt":"2019-04-21T21:30:06","guid":{"rendered":"https:\/\/uniquehot.com\/?p=379259"},"modified":"2024-06-11T07:39:34","modified_gmt":"2024-06-11T07:39:34","slug":"technical-indicator-signals-that-bitcoin-btc-may-be-on-the-verge-of-a-bull-run","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/technical-indicator-signals-that-bitcoin-btc-may-be-on-the-verge-of-a-bull-run\/","title":{"rendered":"Technical Indicator Signals That Bitcoin (BTC) May Be on the Verge of a Bull Run"},"content":{"rendered":"
The crypto markets have dropped slightly today after tepidly climbing higher over the past week. Despite this, Bitcoin (BTC) has been able to firmly establish its position within the $5,000 region and has not incurred any significant selling pressure after climbing towards $5,300.<\/p>\n
Although many analysts are currently looking towards freshly formed levels of support and resistance for where BTC is heading next, one technical indicator may signal that the cryptocurrency is on the verge of another bull run.<\/p>\n
At the time of writing Bitcoin<\/a> is trading down less than 1% at its current price of just below $5,300. BTC is down slightly from its daily highs of $5,360, but did not incur any significant selling volume after nearing $5,400, which has historically proven to be a strong level of resistance for the cryptocurrency.<\/p>\n It now appears that Bitcoin is caught in a newly formed trading range<\/a> between approximately $5,000 and $5,400, with its support level first being formed when BTC treated $5,000 as a level of strong support on April 11th.<\/p>\n Flood, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he is looking towards the $4,900 to $5,150 price range as an area in which he will buy more Bitcoin.<\/p>\n \u201cI’m a buyer from 5150 to 4900. That is all,\u201d he concisely noted.<\/p><\/blockquote>\n https:\/\/twitter.com\/thinkingusd\/status\/20504064?s=12<\/p>\n Because Bitcoin has been unable to break above the upper boundary of the aforementioned trading range, it is probable that it will revisit the lower-$5,000 region in the near-future.<\/p>\n Bitcoin\u2019s relative strength index<\/a>\u00a0(RSI) \u2013 which is an important technical indicator that many analysts use to gain insight into whether or not an asset is overbought or oversold \u2013 is nearing a level that has historically marked the start of previous\u00a0bull runs<\/a> when broken above.<\/p>\n Cow Jones, a cryptocurrency trader on Twitter, discussed this in a recent tweet, pointing towards Bitcoin\u2019s historical RSI action as evidence for why this level could signal an imminent bull run.<\/p>\n \u201cPersonally don’t use RSI much. However, this is an interesting fork in the road. Past bull market began with RSI above the boxed range,\u201d he explained.<\/p><\/blockquote>\n https:\/\/twitter.com\/CryptoCowJones\/status\/66165760<\/p>\n As a relatively quiet weekend trading session wraps up and a fresh week begins, trader and investors alike will likely gain greater insight into where the crypto markets are heading next.<\/p>\n The crypto markets have dropped slightly today after tepidly climbing higher over the past week. Despite this, Bitcoin (BTC) has been able to firmly establish its position within the $5,000 region and has not incurred any significant selling pressure after climbing towards $5,300. Although many analysts are currently looking towards freshly formed levels of support and resistance for where BTC is heading next, one technical indicator may signal that the cryptocurrency is on the verge of another bull run. Analyst: Bitcoin (BTC) a Good Buy Between $4,900 and $5,150\u00a0 At the time of writing Bitcoin is trading down less than 1% at its current price of just below $5,300. BTC is down slightly from its daily highs of $5,360, but did not incur any significant selling volume after nearing $5,400, which has historically proven to be a strong level of resistance for the cryptocurrency. It now appears that Bitcoin is caught in a newly formed trading range between approximately $5,000 and $5,400, with its support level first being formed when BTC treated $5,000 as a level of strong support on April 11th. Flood, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he is looking towards the $4,900 to $5,150 price range as an area in which he will buy more Bitcoin. \u201cI’m a buyer from 5150 to 4900. That is all,\u201d he concisely noted. https:\/\/twitter.com\/thinkingusd\/status\/20504064?s=12 Because Bitcoin has been unable to break above the upper boundary of the aforementioned trading range, it is probable that it will revisit the lower-$5,000 region in the near-future. BTC May Be on The Verge of a Massive Bull Run\u00a0 Bitcoin\u2019s relative strength index\u00a0(RSI) \u2013 which is an important technical indicator that many analysts use to gain insight into whether or not an asset is overbought or oversold \u2013 is nearing a level that has historically marked the start of previous\u00a0bull runs when broken above. Cow Jones, a cryptocurrency trader on Twitter, discussed this in a recent tweet, pointing towards Bitcoin\u2019s historical RSI action as evidence for why this level could signal an imminent bull run. \u201cPersonally don’t use RSI much. However, this is an interesting fork in the road. Past bull market began with RSI above the boxed range,\u201d he explained. https:\/\/twitter.com\/CryptoCowJones\/status\/66165760 As a relatively quiet weekend trading session wraps up and a fresh week begins, trader and investors alike will likely gain greater insight into where the crypto markets are heading next. Featured image from Shutterstock.<\/p>\n","protected":false},"author":499,"featured_media":376945,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,1119,6664],"class_list":["post-379259","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-btc","tag-crypto"],"acf":[],"yoast_head":"\nBTC May Be on The Verge of a Massive Bull Run<\/strong>\u00a0<\/strong><\/h2>\n
Featured image from Shutterstock.<\/pre>\n","protected":false},"excerpt":{"rendered":"