Bitcoin bulls are looking at new technical signs by hoping that the cryptocurrency reverses its recent crash and begins driving higher.
Based on an examinations of RIG trend streaks, a leading technical indicator that is a combination of the RSI and momentum studies, the momentum estimate crossed the comparative strength index (RSI) estimation, which could be demonstrating a positive price crusade is on the horizon. Bitcoin’s price rose the past three times the two gauges crossed.
This is the fourth time the impetus estimate crossed the RSI gauge this year; each was followed by an increase in Bitcoin’s value. The last time this happened, in mid-August, the cryptocurrency’s price levelled up by 21 percent over the next three weeks.
Bitcoin Cash (BCH)
Bitcoin Gold (BTG)
Bitcoin has seen its price refuse by more than 50 percent this year, among a regulatory suppression and a refusal of Bitcoin ETFs by the Securities and Exchange Commission. The SEC dismissed requests to list nine cryptocurrency funds and quoted continued anxieties about manipulation, among other things in last month . Furthermore, the rise of investments in marijuana stocks has taken some consideration away from Bitcoin, some analysts say, helping to push its price down. Though it hit a high of $19,511 in December, it’s currently trading above $6,500. Bitcoin is down 3 percent this week.
The biggest cryptocurrency also last week loitered above a price and trend line and speeded a positive indication that typically forecasts future price actions.