A closely watched crypto analyst is warning Bitcoin (BTC) bears that the crypto king is showing signs of strength on the daily and weekly charts.
Pseudonymous analyst Credible Crypto tells his 346,000 followers on the social media platform X that Bitcoin’s Relative Strength Index (RSI) is showing a classic bullish divergence on the daily chart, while it is showing a hidden bullish divergence on the weekly chart.
In technical analysis, a classic bullish divergence is usually seen as a reversal signal, while a hidden bullish divergence is a sign of continuation of the trend.
Say credible crypto,
“Biggest liquidation event since December ’21 (yes, almost two years ago), twice the size of the FTX collapse.
Classic bullish divergence on BTC daily and hidden bullish divergence on BTC weekly (the charts below show both).
BTC Dominance Backtesting a Long-Term Two-Year Bullish Breakout.
Calls for $20,000, $12,000 and $10,000 are pouring in, despite no actual break in the bullish market structure indicating any kind of momentum shift (first break is at $24,800).
Bears are asking to be absolutely eradicated here.”
Credible Crypto also says Bitcoin has been consolidating at its low point for quite some time so far this year before staging a steep rise.
“It doesn’t seem like much now, but in an impulsive/trending environment things can escalate quickly.”
At the time of writing, Bitcoin is worth $26,024.
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Generated image: Midjourney