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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Technical Indicator Signals That Bitcoin (BTC) May Be on the Verge of a Bull Run

Cole Petersen
Cole Petersen
1 year ago
2 mins read
Bitcoin BTC

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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 

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.

“I’m a buyer from 5150 to 4900. That is all,” he concisely noted.

https://twitter.com/thinkingusd/status/1119727283420504064?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 

Bitcoin’s relative strength index (RSI) – which is an important technical indicator that many analysts use to gain insight into whether or not an asset is overbought or oversold – is nearing a level that has historically marked the start of previous bull runs when broken above.

Cow Jones, a cryptocurrency trader on Twitter, discussed this in a recent tweet, pointing towards Bitcoin’s historical RSI action as evidence for why this level could signal an imminent bull run.

“Personally don’t use RSI much. However, this is an interesting fork in the road. Past bull market began with RSI above the boxed range,” he explained.

https://twitter.com/CryptoCowJones/status/1119815366866165760

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.
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Cole Petersen
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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