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Bull Signal From Bitcoin Bottom Is Best Hope Yet For Continuation

Tony Spilotro by Tony Spilotro
1 year ago
in BTC
Reading Time: 3 mins read
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Bitcoin price continues to struggle to regain any type of bullish momentum, and keeps grinding at repeatedly tested support. In the past, when this happens, the support ultimately breaks down and a cascade of liquidations begin.

However, there’s a bullish signal brewing that is thus far the best hope for further continuation to the upside. The reason for the hope, is because the last time Bitcoin gave such a signal, it was the bear market bottom and that support eventually held for good. Could it happen again during the bull phase of the market cycle?

Crypto Market Price Action Potentially Feigns Weakness While Buyers Load Up

Bitcoin price is in a dangerous spot, down more than 50% from local highs, but unable to regain its footing. Each meager attempt to recover has been met by another selloff and fall to support.

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Support isn’t breaking either, but even the strongest support levels eventually break down. The more tests of that support, the more likely that support might fail.

Related Reading | The Missing Ingredient From A Full On Bitcoin Reversal

That is unless although price action looks weaker, buying is actually gaining strength. And that’s exactly what the Relative Strength Index suggests on the three-day timeframe.

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bitcoin bullish hopium

A bullish divergence has formed on the three-day Relative Strength Index | Source: BTCUSD on TradingView.com

Bullish Divergence Matches Bitcoin Bear Market Bottom

The Relative Strength Index, or RSI, measures the strength of an asset compared to price action, and can tell analysts when an asset is oversold or overbought. These conditions can lead to a reversal, or provide other intel about the price action.

After such a deep selloff, Bitcoin still hasn’t reached into oversold territory, but it has found support at a rising trend line that dates back to the bear market bottom. The only other time this trend line was touched between then and now, was on Black Thursday.

Related Reading | Analyzing The Critical Bitcoin June 2021 Monthly Close

If the rising RSI trend line holds, support in price action might also do the same. And if it does, there’s a chance a similar reaction could result. Following each touch of this trend line has followed with months of powerful uptrend.

It is only when these impulses end does Bitcoin comes crashing back down, and the RSI touches down again. At the same time price action hits the trend line, there’s also a bullish divergence – a signal that also was visible during the bear market bottom. Could it once again be indicating a bottom is in, but the bottom of the bull market?

Does the RSI trend line hold? #Bitcoin pic.twitter.com/ILBpVGY7X1

— Tony "The Bull" Spilotro (@tonyspilotroBTC) July 1, 2021

Breaking below a trend line that supported both past bottoms could be disastrous, so whatever the conclusion, it should yield significant results.

Follow @TonySpilotro on Twitter or via the TonyTrades Telegram. Content is educational and should not be considered investment advice.

Featured image from iStockPhotos, Charts from TradingView.com
Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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