An analyst who is accurately called the correction of Bitcoin in Q1 of 2024 believes that BTC is close to printing a local soil based on a technical momentum indicator.
Pseudonym analyst stretches Capital tells his 542.00 followers on the social media platform X that Bitcoin’s Relative Strength Index (RSI) has been deposited on the Daily Chart in over -selling area.
Traders keep a close eye on the RSI, because it can often signal trends covers.
The Crypto strategist out That since November 2022, Bitcoin has mounted strong rallies every time the RSI fell at the daily period to over -sold levels.
“The daily RSI of Bitcoin was the same as 2022 Beer Market RSI levels (RSI = 23.93) when the price collapsed into the high $ 70,000.
The only lower daily RSI in this cycle was in August 2023 (RSI = 18.28).
During this cycle, each visit resulted in Sub-25 RSI in a trend removal to the benefit over time. “
According to Rekt Capital, historical data to show That bitcoin can find a solid bottom between $ 78,000 and $ 71,700.
“Bitcoin has made a lower high every day.
That cannot be denied.
But during this entire cycle, when Bitcoin would reach 28 or lower on the RSI …
Bitcoin’s price would be Bottom or between -2% to -8% away from the soil. “
To support his position that Bitcoin is now working on the soil, the trader out BTC can follow in the footsteps of the Layer-1 Protocol Cronos (CRO). According to Capital, CRO can be in the middle of the end of his downward trend with a double bottom pattern.
“What is interesting to see is that BTC tries to build a potential double soil -like formation here.
While CRO may have broken out from his own double bottom, in fact leading bitcoin.
Other altcoins are in different phases of their own respective double bottoms. ”
A structure with double bottom is traditionally seen as a bullish reversing pattern because it indicates that it has found a price base and is preparing for an upward burst.
Based on the graph of the trader, he seems to suggest that CRO has removed the resistance of the pattern with around $ 0.08. At the time of writing, CRO acts at $ 0.80.
At the time of writing, Bitcoin acts for $ 82,207, a decrease of more than 4% in the past day.
Don’t miss a beat – Subscribe to get e -mail notifications directly to your inbox
Check price promotion
Follow us on X” Facebook And Telegram
Surf the Daily Hodl -Mix
Generated image: midjourney
