• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Bitcoin Last Flashed This Signal After the Crash to $3,700. It’s Almost Back

Nick Chong by Nick Chong
8 months ago
in Bitcoin
Reading Time: 3min read
bitcoin price
Advertisement

Bitcoin has acted weak over the past few days, falling as low as $8,950 as touching $9,800 on Monday. Yet there are technical signals suggesting that a bull trend is soon to appear.

One signal that was last seen at the start of the March crypto rally is about to appear again. And that’s good for the bull case.

Related Reading: Crypto Tidbits: Bitcoin At $9k, Grayscale Ethereum Trust, Cryptocurrency & PayPal

Bitcoin Is Flashing Some Bullish Signs Despite Retracement Fears

The Stochastic relative strength index (Stoch RSI) has long been a leading signal in technical analysis. As Investopedia explains, the Stoch RSI “gives traders an idea of whether the current RSI value is overbought or oversold.”

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The indicator has been rather accurate in predicting Bitcoin’s price action over the past few years. The one-week Stoch RSI flipped bearish just a week or two after the $14,000 peak in 2019, predicting the 60% crash that followed.

The same indicator also flipped bullish in December, preceding the ~40% rally to $10,500.

An analyst has now observed that the Stoch RSI on the 12-hour, one-day, two-day, and three-day is flipping bullish:

“12h, 1D, 2D and 3D are over-sold and look like they want to reverse while monthly also is turning bullish!”

Image

Stoch RSI analysis across many of Bitcoin's time frames by analyst "JB" (@blackswan0815 on Twitter). Charts from TradingView.com

The three-day Stoch RSI is especially important as a bullish cross was last seen days after March’s crash to $3,700. Not to mention, another one of these crosses is about to take place.

Adding to the bull case, the same analyst also shared the chart below.

It shows that Bitcoin is potentially forming a Wyckoff Re-Accumulation rather than a Wyckoff Distribution. BTC playing the Wyckoff Re-Accumulation scenario will mean the cryptocurrency is about to enter another bull trend. It will likely bring BTC towards $12,000 and beyond considering the proportions of the consolidation over recent weeks.

Image

Wyckoff analysis by analyst "JB" (@blackswan0815 on Twitter). Charts from TradingView.com

Not the Only Bull

The analyst that shared the charts above is in good company. There is a confluence of other firms and analysts that are bullish on the leading cryptocurrency.

Bloomberg’s senior commodity analyst Mike McGlone recently released a report about Bitcoin.

In that report, the analyst said that “something needs to go wrong” for the leading cryptocurrency not to appreciate. This was made in reference to the asset’s perfect storm of macro, technical, and on-chain trends signaling increased adoption and higher prices.

McGlone doubled down on his optimism in a recent tweet, published June 26th. In it, he said that BTC is almost like a “caged bull” eyeing a breakout to $13,000 in the coming weeks.

Related Reading: Silk Road’s Ross Ulbricht Brands Ethereum’s MakerDAO a “Cool Concept”
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Bitcoin Last Flashed This Signal at $3,700. It's Back Again
Tags: bitcoin pricebtcusdBTCUSDTbullishtechnical analysisxbtusd
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Bitcoin Exchange Coinbase to Go Public; What Does It Mean for BTC/USD?

Bitcoin Exchange Coinbase to Go Public; What Does It Mean for BTC/USD?

17 hours ago
Bitcoin Sell-Off Resumes Ahead of Key Economic Data; What to Expect?

Bitcoin Sell-Off Resumes Ahead of Key Economic Data; What to Expect?

20 hours ago
bitcoin collateral

Summing Up The Case For Bitcoin As The Future Of Collateral

1 day ago
Bitcoin Hopes to Retest Record Highs After Powell’s Testimony; Here’s Why

Bitcoin Hopes to Retest Record Highs After Powell’s Testimony; Here’s Why

2 days ago
bitcoin btc

Bizarre Bitcoin On-Chain Correlation With Fear And Greed Index Discovered

2 days ago
Bitcoin Makes a Go at $40,000 amid “Risk-Off” Trade

Bitcoin Makes a Go at $40,000 amid “Risk-Off” Trade

3 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Oxygen Protocol to List OXY Tokens on BitMax

February 24, 2021

HOPR Hosts Global Token Launch Event on February 24th after First-Of-Its-Kind DAO Experiment

February 24, 2021

Egoras- a Decentralized Finance Ecosystem for Growing Markets!

February 23, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.