Bitcoin could be signaling the next bullrun according to the RSI (Relative Strength Index)
Bitcoin has continued yet again to following a macro wind that has been seen in the past.
According to the past RSI on the monthly charts, BTC can be seen breaking itself from the depths of its despair, against the catastrophe that has been the tail end of 2022 and regulation through enforcement here in 2023 by the United States Securities and Exchange Commision. BTC could be at the beginning of an uptrend, starting another bullrun amongst the uncertainty that has been seen here in the crypto market as of late.
Comparing the past 30 bars of price appreciation to 15 bars of price reaccumulation, it can be seen here that BTC could well be within this current candle close, leading itself onto the next 30 bar price appreciation.
Fighting against Bears, BTC may solidify itself a continuation with this monthly close
BTC has been pressed against the backend of $28,000, but after its stumble and its fall, it was able to secure a weekly close above $28,000. With optimism on the rise in the Twitter community, many are in hopes of a $30,000 Bitcoin.
The chart above compares the previous cycles of BTC to the current trend of 2023. If this is to follow and become reality, the double bottom confirmation could have come in November 2022, triggered by the FTX collapse, when BTC hit around $15,500, further reiterating the bottom seen by the crypto in June of 2022.
According to the chart above, if the monthly close can come in within the next 5-6 days, Bitcoin may be on its way to pushing forward, and setting all new highs within the next 30 months, as this would indicate a grind to the upside would begin soon.
Price action this week may point to the break to $30K as the month closes to an end
Pointing to the end of day Wednesday, BTC may have a breakout on the line for reaching a target of $30,000 on the nose. With a bull-flag formation on the 4 hour chart, out of an appreciating uptrend, BTC can be expected to reach the hoped target before a price correction may further ensue.
If BTC is to continue through the target, and now as the 4 hour chart indicators have flipped the 20 day and bounced off the 50 day EMAs respectively, it may have an expected resistance of $30,750 with an overarching extension to $33,350. A fall from this price would see BTC back to $25,500 as a targeted retracement.
