Bitcoin exhibits ‘extremely bullish signal’ on 2-month Stochastic RSI chart

After a brief rally, the cryptocurrency market is consolidating again in what looks like a continuous loop of good news and bad news for the industry, and Bitcoin (BTC) is no exception, but some of its technical analysis (TA) indicators are suggesting a bullish future for the maiden cryptocurrency.

Specifically, Bitcoin has recently undergone the third Stochastic relative strength index (RSI) bullish crossover on the two-month chart, indicating “an extremely bullish signal in macro view,” as observed by the pseudonymous crypto analyst Trader Tardigrade in a tweet published on February 17.

The Stochastic RSI is the result of using the Stochastic oscillator formula to a set of RSI values instead of standard price data, giving stock market or cryptocurrency traders an opportunity to compare the asset’s closing price to its price range to predict price turning points.

According to the chart, the first such crossover took place in mid-2015, and then it happened again in early 2019, and both times it was followed by a powerful bullish rally of the flagship decentralized finance (DeFi) asset in the long run, which indicates history could indeed repeat itself this time around as well.

Bitcoin Stochastic RSI chart. Source: Trader Tardigrade

Bitcoin price movements

Meanwhile, the price of Bitcoin at press time stood at $23,865, recording a downswing of 2.03% but, at the same time, representing an increase of 9.73% across the previous seven days, as well as a 12.8% gain over the past month, according to the latest data retrieved on February 17.

Bitcoin 30-day price chart. Source: Finbold

It is also worth noting that, according to the information by the blockchain and financial data tracking platform Kaiko, Bitcoin’s correlation with gold last week hit its highest level in nearly two years, indicating that investors are increasingly seeing BTC as a safe haven.

One of them is the author of the best-selling personal finance book ‘Rich Dad Poor Dad,’ Robert Kiyosaki, who has often praised the largest digital asset by market capitalization, placing it side by side with silver and gold as the alternatives to fiat money.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent Comments

No comments to show.
New Bookmakers
Playfina.com

The newest member of DAMA N.V. family offers more than 6000 games and accepts a wide range of cryptocurrencies, which are arguably the most widely used form of payment for gamblers right now.

Cryptoplay.io

In the year 2021, Cryptoplay Casino went live for the first time. To bitcoin enthusiasts, the online gaming site offers an amazing game library, exclusive bonuses, and promotions.

CryptoGames

Since its inception in 2014, this crypto casino has amassed a sizable following and an even stronger reputation. This all-crypto casino has 8 Provably Fair games, a faucet, and the ability to utilize one of ten cryptocurrencies.

PlayAmo

In general, if you're looking for information on the PlayAmo casino's features and idiosyncrasies, you'll find it here.

Oshi

Oshi Casino is a bitcoin casino with a simple instant-play interface that accepts euro deposits as well as other cryptocurrencies like Ethereum.