Bitcoin has new ‘big rally’ as RSI mimics 2018 market recovery

Bitcoin (BTC) is poised for a new “big rally” as market strength mimics post-2018 conditions.

According to the latest analysis, BTC/USD will continue to move higher “after some consolidation” thanks to important signals from its Relative Strength Index (RSI).

The rapid difference in Bitcoin prints has never been seen before.

With BTC prices rising, Bitcoin bulls are nevertheless feeling increasingly confident. Widespread mistrust Longevity of current rally.

For popular trader CryptoWolf, one key trend going on now sets Bitcoin’s latest recovery apart from all the rest.

The RSI, he noted on January 18, had printed a long-awaited bullish diversion on the weekly time frames – something that had never happened before.

“BTC Prints A Rare Weekly RSI Bullish Divergence. Never Happened In BTC History, Once In A Lifetime Opportunity,” He Abstract January is the 21st.

RSI is a basic gauge that traders use to determine whether an asset is overbought or oversold at a given price. The weekly print with Cointelegraph has been around for a long time. Reporting On its earlier arrival late last year.

“The technicals were there, the charts were screaming down but as usual the majority were in full bear mode,” added Wolff.

BTC/USD 1-week candlestick chart (Bitstamp) with RSI. Source: TradingView

Analyst: “Some stability” will be upside.

With that, Bitcoin is starting to repeat the kind of renaissance last seen at the end of its previous bear market in early 2019.

Related: Dead cat bounce? Bitcoin price nears $23,000 at fresh 5-month high

Trader and analyst Trader Tardigrade, also known as Alan on social media, thus predicts that the good times will continue for some time to come.

“BTC Repeats Pattern in RSI and Price Action to 2019 Bottom,” he told followers last week.

“On the daily chart, 1. Strong trend of RSI towards overbought zone 2. $BTC had a significant decline earlier. 3. Sudden buyers bought $BTC. Some consolidation will be followed by a big rally.

BTC/USD Annotated Chart. Source: Trader Tardigrade / Twitter

The daily RSI stood around 87 at the time of writing, from the data Cointelegraph Markets Pro And Trading View Shown

This is the highest since January 2021, a few months before BTC/USD set new all-time highs of $58,000 in April and $69,000 in November.

BTC/USD 1 Day Candle Chart (Bitstamp) with RSI. Source: TradingView

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