derzzycharts

Major Bull Trend Indicator on BTC!

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Are we in the start of a bull market for BTC? The charts say yes! Worried about the election? Worried about the sky falling? We just look at the charts and right now the chart is looking extremely bullish . One of our all time favorite indicators on this channel is the 14 period RSI and this thing is flashing a bullish signal that we haven’t seen since 2019! Let’s hop onto the chart for the full story!

What is this chart saying to us? Well if we can get a close at any level above 69 on the RSI , this is extremely bullish for market structure. It would mean that both price and the RSI are bullish and remain in sync. It’s when these start to diverge from each other on the larger time frames that we start to manage risk. There will be some strong resistance for BTC at 73 on the RSI , so we will be watching that level. Remember that anything above 69 is extremely bullish for the market structure! In bull markets, pullbacks are healthy, and should be treated as buying opportunities. There is still roughly 3 days left in this week and anything can happen though, so don’t count your chickens before they hatch!

Happy Trading!

Comments

I agree, and the chart says it all! I made a risky late entry but I believe I can make a quick buck with a swing here.
+1 Reply
derzzycharts BlockTechEv
@BlockTechEv, Good to hear!
Reply
Would love to hear your feedback on this - agree or disagree? Let me know in the comments!
Reply
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