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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

This Bullish Bitcoin Technical Signal Suggests The Bottom Is In

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
bitcoin bullish bottom rsi

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Bitcoin price is currently trading at $28,000 only a week after retesting below $20,000 – potentially leaving that price range behind forever.

The powerful, more than 30% one-week rally has brought the top cryptocurrency to a bullish technical level that in the past only was reached after a bear market bottom was put in.

Bitcoin Shows Sudden Strength Amid Banking Sector Crisis

After gradually building a potential base following the FTX collapse, Bitcoin is suddenly showing serious strength compared to the rest of the financial world. It is even outperforming altcoins, in the face of a brand new narrative: BTC versus banks. The banking sector is in crisis, but this is what Bitcoin was built for.

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Since the situation started, the top cryptocurrency by market cap is up more than 30% – and it only took a week to get there. The sudden strength has caused BTCUSD to pass a crucial level of on the Relative Strength Index. Breaking back above the level in the past always put in the bottom in hindsight.

BTCUSD 2W RSI Gives Signal That Ends The Bear Market

According to the chart pictured below, BTCUSD 2-week RSI has reached a reading above 54, passing above the mid-point of the technical indicator. The Relative Strength Index is a momentum oscillator used to tell traders if an asset is overbought or oversold. Readings above 70 indicate overbought conditions, while readings below 30 suggest the market is oversold.

More importantly to this chart, price action passing above the middle-point of the RSI at a reading of 50 suggests that momentum is increasing. In Bitcoin and other cryptocurrencies, once trending, the RSI can stay elevated for extended periods, or repeatedly push into overbought conditions without a major, trend-altering correction. That signal is now back, and in the next section we’ll more closely examine what that means.

bitcoin RSI bottom is in

2W RSI is above 50, suggesting strength is increasing | BTCUSD on TradingView.com

Why An Extended Rally Is Likely Above This Key Level

In the chart above, each time 50 on the 2-week Relative Strength Index was broken through from below, it signaled the end of the bear market in crypto and an extended rally in Bitcoin.

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The first signal in 2012 resulted in 18,000% ROI after the RSI passed above 50. The second in the series in 2015 added another 6,000% to the signal’s success rate. The third in 2019 did 600% after the signal appeared. What will it do in 2023?

#Bitcoin 2-Week Relative Strength Index rising above 50 has typically ended crypto winter and began a new uptrend. pic.twitter.com/MuouS9jTFH

— Tony "The Bull" Severino, CMT (@tonythebullBTC) March 21, 2023

Follow @TonyTheBullBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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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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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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