{"id":42010,"date":"2023-01-22T13:02:21","date_gmt":"2023-01-22T13:02:21","guid":{"rendered":"http:\/\/egrowonline.com\/?p=42010"},"modified":"2023-01-22T13:02:21","modified_gmt":"2023-01-22T13:02:21","slug":"bitcoin-due-new-big-rally-as-rsi-copies-2018-bear-market-recovery","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=42010","title":{"rendered":"Bitcoin due new ‘big rally’ as RSI copies 2018 bear market recovery"},"content":{"rendered":"


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Bitcoin (BTC<\/a>) is in for a new \u201cbig rally\u201d as market strength copies conditions from after the 2018 bear market.<\/p>\n

According to the latest analysis, BTC\/USD will continue to head higher \u201cafter some consolidation\u201d thanks to key signals from its relative strength index (RSI).<\/p>\n

Bitcoin prints never-before-seen bullish divergence<\/h2>\n

With the BTC price gains still coming, Bitcoin bulls are feeling increasingly confident despite widespread mistrust<\/a> of the longevity of the current rally.<\/p>\n

For popular trader Crypto Wolf, a key phenomenon now underway sets Bitcoin\u2019s latest recovery apart from all others.<\/p>\n

RSI, he noted on Jan. 18, had printed a long-awaited bullish divergence on weekly timeframes \u2014 something which has never happened before.<\/p>\n

\u201cBTC printed a rare weekly RSI bullish divergence. Never happened in BTC history, a once in a life opportunity,\u201d he summarized<\/a> on Jan. 21.<\/p>\n

RSI is a fundamental gauge used by traders to determine whether an asset is overbought or oversold at a given price. The weekly print has been long in the making, with Cointelegraph reporting<\/a> on its arrival in advance at the end of last year.<\/p>\n

\u201cTechnicals were there, charts were screaming bottom but as usual majority was in full bear mode,\u201d Wolf added.<\/p>\n

BTC\/USD 1-week candle chart (Bitstamp) with RSI. Source: TradingView<\/em><\/figcaption><\/figure>\n

Analyst: “Some consolidation” will precede upside<\/h2>\n

With that, Bitcoin is beginning to repeat the kind of renaissance last seen at the end of its previous bear market in early 2019.<\/p>\n

Related:\u00a0Dead cat bounce? Bitcoin price nears $23,000 in fresh 5-month high<\/a><\/em><\/strong><\/p>\n

Trader and analyst Trader Tardigrade, also known as Alan on social media, thus predicts that the good times will continue for a while to come. <\/p>\n

\u201cBTC has been repeating the pattern in RSI and Price Action to 2019 bottom,\u201d he told<\/a> followers last week. <\/p>\n

\u201cOn daily chart, 1. RSI Strong uptrend to overbought zone 2. $BTC had a significant drop before that 3. Sudden buyers bought up $BTC. Big rally will be following after some consolidation.\u201d<\/p><\/blockquote>\n

BTC\/USD annotated chart. Source: Trader Tardigrade\/ Twitter<\/em><\/figcaption><\/figure>\n

Daily RSI stood at near 87 at the time of writing, Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed. <\/p>\n

This is its highest since January 2021, months before BTC\/USD set new all-time highs of $58,000 in April and $69,000 in November.<\/p>\n

BTC\/USD 1-day candle chart (Bitstamp) with RSI. Source: TradingView<\/em><\/figcaption><\/figure>\n

The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<\/div>\n


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Bitcoin (BTC) is in for a new \u201cbig rally\u201d as market strength copies conditions from after the 2018 bear market. According to the latest analysis, BTC\/USD will continue to head higher \u201cafter some consolidation\u201d thanks to key signals from its relative strength index (RSI). Bitcoin prints never-before-seen bullish divergence With the BTC price gains still […]<\/p>\n","protected":false},"author":1,"featured_media":42011,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[40],"tags":[1251,70,50,13488,132,219,213,2565,4034],"class_list":["post-42010","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis","tag-bear","tag-big","tag-bitcoin","tag-copies","tag-due","tag-market","tag-rally","tag-recovery","tag-rsi"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2023\/01\/6ae1ff9d-fec1-4422-adfb-512b2f7aed90.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/42010","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=42010"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/42010\/revisions"}],"predecessor-version":[{"id":42012,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/42010\/revisions\/42012"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/42011"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=42010"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=42010"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=42010"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}