{"id":409855,"date":"2020-01-06T16:00:54","date_gmt":"2020-01-06T16:00:54","guid":{"rendered":"https:\/\/uniquehot.com\/?p=409855"},"modified":"2020-01-06T15:38:38","modified_gmt":"2020-01-06T15:38:38","slug":"bitcoin-price-rsi-breakout-could-target-9k-short-term","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-price-rsi-breakout-could-target-9k-short-term\/","title":{"rendered":"Bitcoin Price RSI Breakout Could Target $9K Short-Term"},"content":{"rendered":"

Bitcoin price<\/a> has been trapped within a powerful downtrend that\u2019s cut the leading cryptocurrency by market cap\u2019s value by nearly 50% over the course of the last few months.<\/p>\n

Coinciding with the downtrend, Bitcoin\u2019s Relative Strength Index has been confined below a decreasing trendline that the cryptocurrency has now broken out of, suggesting that a rally could unfold in the days ahead. And according to one crypto trader, if Bitcoin can break out of the current trading range, a retest of $9,000 may be possible.<\/p>\n

Bitcoin Price Breaks Out On Relative Strength Index, Targeting $9K<\/h2>\n

2019 may be in the history books, but the effects of the year\u2019s parabolic rally in Bitcoin<\/a> will be felt for more time to come, as the price of the first-ever cryptocurrency has yet to break out from its recent downtrend.<\/p>\n

Related Reading | The Most Lucrative Signal in Bitcoin History Just Flipped Buy\u00a0<\/a><\/strong><\/em><\/p>\n

However, according to an important trend-measuring indicator called the Relative Strength Index<\/a>, Bitcoin price<\/a> may be ready to do just that.<\/p>\n

\"bitcoin<\/p>\n

On the RSI chart, Bitcoin<\/a> can be seen making three consecutive highs into overbought territory between April and June 2019. After the third peak, the downtrend began, and is reflected clearly on the RSI. Each rise in price was stopped the moment it reached RSI resistance.<\/p>\n

But not this time. After the latest pump above $7,500, Bitcoin price<\/a> has broken out of the downtrend resistance on the RSI indicator and has room overhead to rally before it runs into overbought conditions. According to one crypto analyst, previous highs around $9,000 are the most likely short-term target for the crypto market.<\/p>\n

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If #Bitcoin<\/a> breaks $7,500 say hello to $9,000.<\/p>\n

Read the full analysis and strategy here: https:\/\/t.co\/D236DdMrUl<\/a> pic.twitter.com\/7VEySrmGL7<\/a><\/p>\n

— Crypto Rand (@crypto_rand) January 6, 2020<\/a><\/p><\/blockquote>\n