A closely followed crypto analyst is issuing a warning to 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 flashing a classic bullish divergence on the daily chart while showing a hidden bullish divergence on the weekly chart.
In technical analysis, a classic bullish divergence is typically seen as a reversal signal while a hidden bullish divergence is a sign of trend continuation.
Says Credible Crypto,
“Largest liquidation event since Dec ’21 (yes, nearly two years ago), 2x that of FTX collapse.
Classic bullish divergence on BTC daily and hidden bullish divergence on BTC weekly (charts below depict both).
BTC dominance backtesting bullish breakout of two-year long range.
Calls for $20,000, $12,000 and $10,000 are pouring in despite no actual break in the bullish market structure to signal any sort of shift in momentum (first break is at $24,800).
Bears are asking to be absolutely obliterated here.”
Credible Crypto also says that so far this year, Bitcoin has been consolidating for quite some time at the lows before igniting a steep surge.
“It doesn’t look like much now, but in an impulsive/trending environment, things can escalate quickly.”
At time of writing, Bitcoin is worth $26,024.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and
Surf The Daily Hodl Mix
Check Latest News Headlines
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Credit: Source link
