Bitcoin’s weekly RSI suggests breakout above $12,000

Bitcoin’s weekly RSI suggests breakout above $12,000
фото показано с : coinjournal.net

2020-10-12 14:38

A strong rally over the weekend pushed Bitcoin from $10,600 to highs of $11,498

The price of Bitcoin hit a high of $11,498 on Coinbase over the weekend, building on a strong rally seen late last week.

BTC/USD is now trading above an ascending triangle, with support at the breakout point likely to provide the impetus buyers need to push to $12,000. Above this level is long term resistance found at $12,500.

The top cryptocurrency is at press time trading around $11,360 but looks strong on the 4-hour chart with the previous hurdle around $11,200 now acting as the immediate support zone.

As can be seen in the daily chart below, the RSI is suggesting a legitimate breakout is in the offing if bulls stay above the ascending triangle.

Bitcoin’s price daily chart showing ascending triangle and RSI breakout. Source: TradingView

On the weekly chart, Bitcoin’s candle close at $11,374 was also indicative of the latest momentum. Although the upside has stalled around $11,300-$11,400, staying above current levels could indicate strength. As such, a break above $11,600 near-term would put bulls on course to retest resistance at $12K and then $12,500.

According to technical analyst Mr. Anderson on Twitter, Bitcoin has also printed a weekly RSI close that is historically bullish.

The Bitcoin enthusiast shared the chart below and noted that if the RSI pivot hits 63 on the weekly time frame, BTC/USD would be ready for another leg up.

“A few weeks ago I explained that the Bulls would defend $10.1k [because] they had to. Now BTC has given us a weekly RSI pivot that is extremely common [with] Ultra Bullish BTC moves.  A weekly RSI close of 63+ has always provided another LEG up & a 70+ close gives you $16k+,” he added.

Chart showing Bitcoin price RSI on a weekly time frame. Source: Twitter (Mr. Anderson).

PlanB’s 12-month RSI chart for Bitcoin also shows the metric has cut back above 60.

The RSI chart for BTC. Source: PlanB

However, Bitcoin could still face a strong rejection at current levels if selling pressure increases. According to the on-chain data analysis firm IntoTheBlock, 89.28% of over 31.9 million addresses are in profit.

Per the firm, “Bitcoin has a strong bottom,” if bulls run into a strong rejection at $11,600. In that case, the area around $10,900 provides the next major protection zone.

The post Bitcoin’s weekly RSI suggests breakout above $12,000 appeared first on Coin Journal.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 71264.16 (-0.04%)
Объем 24H $53.615b
Изменеия 24h: 4.93 %, 7d: -1.51 %
Cегодня L: $69039.59 - H: $71289.12
Капитализация $1409.481b Rank 1
Цена в час новости $ 11556.64 (516.65%)

bitcoin above breakout weekly rsi suggests 498

Источник: coinjournal.net

bitcoin above → Результатов: 126


Crypto Shorts Suffer $147 Million Squeeze As Bitcoin Returns Above $63,000

Data shows the cryptocurrency sector as a whole has witnessed a high amount of liquidations following the volatility Bitcoin and others have gone through. Bitcoin Has Recovered Back Above The $63,000 Level Following the news of the US Federal Reserve cutting back on interest rates, Bitcoin has responded positively, with its price breaking above the $63,000 level.

2024-9-20 04:30


Bitcoin Floats Above $30,000, but Solana Surges 11%, What’s Next for SOL? Deep Analysis

In the dynamic world of cryptocurrency, Bitcoin continues to be a stable force. Bitcoin has been maintaining a steady course, floating above the $30,000 mark for the past six days. This stability in Bitcoin’s price, amidst the general volatility of the cryptocurrency market, is a noteworthy development and could potentially signal a period of consolidation […] The post Bitcoin Floats Above $30,000, but Solana Surges 11%, What’s Next for SOL? Deep Analysis appeared first on CaptainAltcoin.

2023-6-30 01:54


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin surges 3% to $70,000 ahead of US election results

Bitcoin's surge highlights its sensitivity to political events, suggesting potential volatility and strategic investment opportunities amid elections. The post Bitcoin surges 3% to $70,000 ahead of US election results appeared first on Crypto Briefing.

First UK pension fund invests 3% of assets to Bitcoin

This move may accelerate institutional crypto adoption, influencing global investment strategies and potentially reshaping traditional portfolios. The post First UK pension fund invests 3% of assets to Bitcoin appeared first on Crypto Briefing.

ZachXBT exposes ‘Zopp0’s’ crypto scams with influencer support in market manipulation

In new findings by blockchain analyst ZachXBT, the crypto community faces a new wave of market manipulation schemes allegedly orchestrated by a figure named “Zopp0.” The report reveals how Zopp0, behind projects like SCALE, NTD, TPU, and OPSEC, exploited the influence of high-profile social media personalities to promote unverified projects, masking the lack of technical […]