As a seasoned financial analyst with over two decades of experience in the markets, I have seen my fair share of bull and bear cycles. Bitcoin’s current recovery is particularly interesting due to its meteoric rise this year.
As an analyst, I’ve been observing Bitcoin‘s market trend closely, and I’m pleased to note that its recent recovery is showing promising signs. The market indicators suggest we might be on the brink of establishing a new record-high price for Bitcoin in the near future.
Technical Analysis
By TradingRage
The Daily Chart
According to the daily chart, Bitcoin’s price has been surging ever since it broke above its 200-day moving average.
The market has regained control over the $60,000 and $65,000 thresholds, inching closer to the $68,000 resistance area. If this level is surmounted, setting a new peak may be imminent, given the Relative Strength Index (RSI) suggests robust upward pressure on the price.
The 4-Hour Chart
Examining the 4-hour chart, it’s clear that the price has experienced a swift upward trend since breaching the bearish trendline from above. Additionally, the market has shattered the $65K resistance barrier with force, transforming it into a new foundation of support.
As a crypto investor, I’ve been observing the market closely and it seems we’re on the brink of setting new record highs. However, there’s one aspect that has piqued my concern: the Relative Strength Index (RSI). While prices have reached new peaks, the RSI is exhibiting a bearish divergence. This means that while prices are moving up, the RSI, which measures the speed and change of price movements, is moving in the opposite direction. Historically, such divergences can signal a correction or even a reversal in the short term. So, while I’m bullish on the long-term outlook, I’ll be keeping a close eye on this bearish signal.
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2024-07-21 09:57