{"id":38158,"date":"2023-01-22T15:48:32","date_gmt":"2023-01-22T15:48:32","guid":{"rendered":"https:\/\/lydian.io\/?p=38158"},"modified":"2023-01-22T15:48:33","modified_gmt":"2023-01-22T15:48:33","slug":"bitcoin-is-poised-for-a-new-major-rally-as-the-rsi-copies-the-2018-bear-market-rally","status":"publish","type":"post","link":"https:\/\/lydian.io\/bitcoin-is-poised-for-a-new-major-rally-as-the-rsi-copies-the-2018-bear-market-rally\/","title":{"rendered":"Bitcoin is poised for a new \u201cmajor rally\u201d as the RSI copies the 2018 bear market rally","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"
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\n \t<\/i> Read Time:<\/span>2 Minute, 21 Second <\/div>\n\n <\/div>

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Bitcoin (BTC) is poised for a brand new \u201cmain rally\u201d as market energy copies situations after the 2018 bear market.<\/p>\n

In accordance with the most recent evaluation, BTC\/USD will proceed to rise \u201cafter some consolidation\u201d because of essential alerts from its Relative Energy Index (RSI).<\/p>\n

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

With BTC worth positive aspects but to come back, bitcoin bulls are feeling more and more assured within the present rally regardless of widespread suspicion in regards to the longevity.<\/p>\n

For in style dealer Crypto Wolf, a key phenomenon now underway is what units Bitcoin's current restoration other than all others.<\/p>\n

The RSI, he famous on Jan. 18, had printed a long-awaited bullish divergence on weekly timeframes \u2013 one thing that has by no means occurred earlier than.<\/p>\n

\u201cBTC printed a uncommon weekly bullish RSI divergence. By no means occurred earlier than in BTC historical past, a once-in-a-lifetime alternative,\u201d he mentioned summarized<\/a> is Jan 21.<\/p>\n

The RSI is a primary gauge utilized by merchants to find out if an asset is overbought or oversold at a given worth. The weekly print has been a very long time within the works, and Cointelegraph gave advance studies of its arrival late final 12 months.<\/p>\n

\"The techs had been there, the charts had been screeching, however as standard the bulk was in full bear mode,\" added Wolf.<\/p>\n

BTC\/USD 1-week candlestick chart (Bitstamp) with RSI. Supply: TradingView<\/p>\n

Analyst: \u201cSome consolidation\u201d will precede the transfer larger<\/h2>\n

With that, Bitcoin is starting to repeat the type of renaissance final seen on the finish of its earlier bear market in early 2019.<\/p>\n

Associated: Lifeless cat bounces? Bitcoin worth is approaching a brand new 5-month excessive of $23,000<\/strong><\/p>\n

Dealer and analyst Dealer Tardigrade, also called Alan on social media, due to this fact predicts that the great occasions are right here to remain. <\/p>\n

\u201cBTC repeated the sample in RSI and worth motion all the best way to the 2019 backside,\u201d he told<\/a> followers final week. <\/p>\n

\u201cOn the every day chart 1. RSI Sturdy uptrend into the overbought zone 2. $BTC had a major drop earlier than that 3. All of a sudden consumers began shopping for up $BTC. After some consolidation, a giant rally will comply with.\u201dAnnotated BTC\/USD chart. Supply: Dealer Tardigrade\/ Twitter<\/p>\n

The every day RSI is close to 87 on the time of writing, information from Cointelegraph Markets Professional and trading view<\/a> confirmed. <\/p>\n

That is the very best stage since January 2021, months earlier than BTC\/USD hit new all-time highs of $58,000 in April and $69,000 in November.<\/p>\n

BTC\/USD 1-day candlestick chart (Bitstamp) with RSI. Supply: TradingView<\/p>\n

The views, ideas, and opinions expressed herein are solely these of the authors and don't essentially replicate or signify the views and opinions of Cointelegraph.\n<\/p>\n