Bitcoin is seeing some intense energy immediately, with bulls pushing the cryptocurrency in direction of $17,000 following a quick bout of weak point earlier this week.
The continuing uptrend has marked a major extension of the development seen all through the previous few months, with bears being unable to achieve any floor towards bulls because it continues pushing greater every week.
The crypto is now buying and selling on the highest costs seen since its 2017 bull run, with it now only a hair away from setting contemporary all-time highs.
This comes as retail mania stays tempered, with mainstream media consideration and Google Tendencies exercise each exhibiting that the funds driving this development are coming from non-retail sources.
One analyst is now pointing to the benchmark cryptocurrency’s RSI indicator for insights into the place it could development subsequent.
He notes that though BTC’s uptrend exhibits some indicators of being overheated in the mean time, there’s nonetheless a robust chance that it’ll see additional upside earlier than going through any selloff.
Sometimes, when the crypto’s RSI reaches the degrees it’s at now, Bitcoin rallies for 3.5 days earlier than seeing a 20%+ pullback.
Bitcoin Rallies In direction of $17,000 as Uptrend Continues
On the time of writing, Bitcoin is buying and selling up simply over 5% at its present value of $16,800. This marks an enormous $1,000 rise from its 24-hour lows set a handful of hours in the past.
The place the aggregated market traits within the near-term will possible rely totally on whether or not or not BTC can surmount the resistance that exists round $17,000.
If this stage is damaged above, it could be clear skies up in direction of the important thing $20,000 stage that traders are carefully watching in the mean time.
Analyst Claims Indicator Suggests BTC Might Rally Additional Earlier than Seeing a Pullback
Whereas sharing his ideas on the place Bitcoin may development within the near-term, one analyst defined that he’s watching its RSI indicator for hints into the place it could development subsequent.
He notes that BTC may rally for a number of extra days earlier than going through a robust selloff.
“Certain, we’re working scorching. That mentioned, the final a number of instances we had been at these ranges on the 3D RSI we continued greater, on common, for 3.5 extra days earlier than any important pullback (>-20%).”
Picture Courtesy of HornHairs. Supply: BTCUSD on TradingView.
The approaching few days ought to present perception into simply how far-reaching and sustainable this ongoing Bitcoin upswing will likely be.
Featured picture from Unsplash.
Charts from TradingView.