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Home Cryptocurrency news Bitcoin

Crypto Analyst: Bitcoin Technical Indicator Struggles At This Range Before Bull Run

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3min read
Crypto Analyst: Bitcoin Technical Indicator Struggles At This Range Before Bull Run
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All across the crypto community talk of Bitcoin’s next bull run is consuming most discussion. Everyone is looking for clues or signs that could support the theory that the next bull run is getting its footing right now, and could take Bitcoin price to a new all-time high.

But before Bitcoin ever gets to a new all-time high, it first typically takes a pit stop or breather according to the technical indicator called the relative strength index, or RSI, before rocketing higher. The trend-strength measuring tool is currently at a level where Bitcoin in the past has consolidated before making a further climb to set new records.

Bitcoin RSI Cools Down, Refueling Before Liftoff to New All-Time High?

Bitcoin has shocked the crypto market and the world at large with its recent climb from its bear market lows around $3,000 to $14,000 where it was rejected and is now ranging below. The massive and powerful, parabolic move brought in bottom buyers as much as 300% returns and then some.

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Related Reading | Bitcoin Price (BTC) At Risk Of Correction Below $10,000, Reverse FOMO Trigger? 

But like all major rallies, corrections are expected and even healthy. Bitcoin’s current correction was long overdue, with the leading crypto by market cap fending off major FUD, hacks, and breaks of parabola as if downward movement didn’t exist.

Once $10,000 broke, it caused the market to FOMO hard into Bitcoin, dumping altcoins en masse. In just days, Bitcoin rocketed higher toward $14,000 where it was finally rejected with a violent flash crash candle that knocked out half of the market’s crypto exchanges. It also took Bitcoin’s price down roughly $2,000 and took the momentum out of the parabolic rally.

Since then, Bitcoin has bounced back and forth between resistance-turned-support at $10,000 and is at risk of falling lower if that support breaks. However, Bitcoin ranging here is completely normal and healthy, according to one crypto analyst, and is the last stop before Bitcoin goes on to paint new historical highs.

Normal struggle before RSI 70+ #bitcoin ? pic.twitter.com/3aFOPf7EOC

— PlanB ? (@100trillionUSD) July 2, 2019

The analyst says that in the past, Bitcoin has historically been stopped between 60 and 70 on the Relative Strength Index chart. Bitcoin often spends weeks, even months in trapped in this range before continuing to climb upward.

Related Reading | Bitcoin Price Action: Volatility is Back in a Big Way, Tom Lee Says To Buy and HODL 

From here, the RSI typically breaks up from the range, and tops out above the 90 range before falling back downward. That break into the 90 range appears to signal that the top is in, and could help traders during the next bull run peak know when to sell their holdings ahead of a deeper correction and potentially an extended bear market – as has happened each time in the RSI turns back downward below 90.

Tags: bitcoinbitcoin. relative strength indexcryptoindicatorRSI
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. 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 and feel free to drop me a line if you would like to work together.

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