The first ever cryptocurrency has struggled to recapture the enthusiasm and exuberance prior to the 2017 hype bubble pop. Since then Bitcoin price has declined over 85% to its eventual bottom, and a brutal and hard-fought bear market has caused investors to question the long-term validity of BTC and its altcoin cousins.
But on long-term price charts, signs that the momentum has turned are evident. On the 1-week RSI, the important momentum indicator has broken into bull market territory for the first time since the start of 2018 when the crypto market first began to collapse.RSI: Bitcoin Bull Market is Back
Long-term chartist and crypto analyst, , known for his analysis of the MACD indicator and moving averages for Bitcoin price prediction, has shared a new chart with the message “self explanatory.”Self-explanatory~ — dave the wave🌊🌓 (@davthewave)The chart shows the MACD – the Moving Average Convergence Divergence – and RSI – the Relative Strength Index – stacked upon one another, with the RSI demonstrating clear resistance that Bitcoin has now broken through on the one week timeframe.
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The RSI isn’t the only indicator to suggest the initial stages of a Bitcoin bull run have begun. The SuperGuppy, an indicator based on a variety of moving averages, has turned bullish for the first time in over a year, suggesting that a new uptrend has been confirmed.
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According to analysts, Bitcoin formed a “text book” bump-and-run-reversal bottom which caused the price of the leading crypto by market cap to rally over $1,000 over the course of an hour, setting off a full-blown April rally and a green monthly candle close that had bulls everywhere rejoicing.
Bitcoin is struggling with resistance above $5,800 – a zone that played important support during the first stages of the bear market. Bitcoin will have layers of strong resistance above it ranging from $5,800 to $6,400. But once those levels are taken out by buyers, the price of Bitcoin – given its scarcity – could skyrocket as new investors consider the emerging asset class and billions of sidelined money re-enters the market.
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