Bitcoin's monthly RSI provides hope for the bulls
Hello dear friends, let this post serve to socialize some of the good news that continues to provide the cryptocurrency market price action, that is if we take into account that Bitcoin is facing decisive moments with a potential bullish macro trend according to several technical indicators.
Yesterday I shared some insights on how the DCA indicator revealed the start of bullish moves, a fact that gained momentum today as Bitcoin's monthly Relative Strength Index (RSI) provides a window of hope as BTC bulls battle multiple long-term resistance trendlines at once in February.
It has also been reported that while a potential trend change from bearish to bullish would be a significant event, certain signals already suggest that it could become a reality, as certainly the RSI technical indicator on the Bitcoin chart, previously at historic lows, has already confirmed a new uptrend.
From my perspective the RSI is a good indicator, I even take it into account in my tarding strategy, so, I think you should closely follow the behavior that continues to reveal this important indicator, this in order to make the right decisions when entering to trade the market.
I say it this way, since it is a good way to prepare ourselves for any scenario, without discarding that the whales have been moving the supply support upwards, creating the illusion of a breakout of the bull market.
SOURCES CONSULTED
Cointelegraph Bitcoin faces do-or-die weekly, monthly close with macro bull trend at stake. Link
OBSERVATION:
The cover image was designed by the author: @lupafilotaxia, incorporating the public domain image background: Cointelegraph
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