Bitcoin due new 'big rally' as RSI copies 2018 bear market recovery

Bitcoin (BTC) is successful for a caller “big rally” arsenic marketplace spot copies conditions from aft the 2018 carnivore market.

According to the latest analysis, BTC/USD volition proceed to caput higher “after immoderate consolidation” acknowledgment to cardinal signals from its comparative spot scale (RSI).

Bitcoin prints never-before-seen bullish divergence

With the BTC terms gains inactive coming, Bitcoin bulls are feeling progressively assured contempt widespread mistrust of the longevity of the existent rally.

For fashionable trader Crypto Wolf, a cardinal improvement present underway sets Bitcoin’s latest betterment isolated from each others.

RSI, helium noted connected Jan. 18, had printed a long-awaited bullish divergence connected play timeframes — thing which has ne'er happened before.

“BTC printed a uncommon play RSI bullish divergence. Never happened successful BTC history, a erstwhile successful a beingness opportunity,” helium summarized connected Jan. 21.

RSI is simply a cardinal gauge utilized by traders to find whether an plus is overbought oregon oversold astatine a fixed price. The play people has been agelong successful the making, with Cointelegraph reporting connected its accomplishment successful beforehand astatine the extremity of past year.

“Technicals were there, charts were screaming bottommost but arsenic accustomed bulk was successful afloat carnivore mode,” Wolf added.

BTC/USD 1-week candle illustration (Bitstamp) with RSI. Source: TradingView

Analyst: "Some consolidation" volition precede upside

With that, Bitcoin is opening to repetition the benignant of renaissance past seen astatine the extremity of its erstwhile carnivore marketplace successful aboriginal 2019.

Related: Dead feline bounce? Bitcoin terms nears $23,000 successful caller 5-month high

Trader and expert Trader Tardigrade, besides known arsenic Alan connected societal media, frankincense predicts that the bully times volition proceed for a portion to come.

“BTC has been repeating the signifier successful RSI and Price Action to 2019 bottom,” helium told followers past week.

“On regular chart, 1. RSI Strong uptrend to overbought portion 2. $BTC had a important driblet earlier that 3. Sudden buyers bought up $BTC. Big rally volition beryllium pursuing aft immoderate consolidation.”

BTC/USD annotated chart. Source: Trader Tardigrade/ Twitter

Daily RSI stood astatine adjacent 87 astatine the clip of writing, Data from Cointelegraph Markets Pro and TradingView showed.

This is its highest since January 2021, months earlier BTC/USD acceptable caller all-time highs of $58,000 successful April and $69,000 successful November.

BTC/USD 1-day candle illustration (Bitstamp) with RSI. Source: TradingView

The views, thoughts and opinions expressed present are the authors’ unsocial and bash not needfully bespeak oregon correspond the views and opinions of Cointelegraph.