Skip to main content

Bitcoin stays near $38K as RSI breakout challenges 'boring' weekend

RSI is on route to repeating a trend break, which sparked "massive" BTC price moves twice in the last year, one analyst notes.

Bitcoin (BTC) circled the $38,000 mark into Jan. 30 as a "trappy" weekend still offered the chance of a solid weekly close.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

"Choppy waters" for Bitcoin

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD regaining the $38,000 mark after seeing local highs of $38,740 on Bitstamp the previous day.

Despite its strong "out of hours" performance, few analysts believed in BTC as a firm bullish play without traditional market guidance.

"Still choppy waters for Bitcoin," Cointelegraph contributor Michaël van de Poppe summarized in his latest Twitter update.

"Looking at $37K to see whether that sustains. If not -> I'm assuming we'll test lows for daily bullish divergence to create. If we hold, we might see a breaker above $38.5K happening. Weekend times -> boring/trappy."

The highs nonetheless continued what looks like a slow return to form for BTC/USD on daily timeframes after its sub-$33,000 lows earlier in the week. 

For trader, investor and entrepreneur Bob Loukas, strength lay in the pair's multiple closes above the 10-day moving average (MA).

Hopes of a weekly close at $39,600 resistance, however, still looked unlikely to be fulfilled at the time of writing. 

"Crypto market is full of breakout traders. What is the easiest way to bait them on a weekend when morale is already low? Force a move," the skeptical trader and analyst known as Cantering Clark on Twitter added.

RSI gives bulls cause for excitement

Shifting to on-chain data, meanwhile, popular analyst Matthew Hyland revealed yet more bullish cues coming from BTC's relative strength indicator (RSI).

Related: No blow-off top? Bitcoin hodler metric points to ‘depressed’ BTC price

Across multiple chart timeframes, RSI recently hit its most "oversold" levels since the Coronavirus crash of March 2020.

The metric is used to determine how "overbought" or "oversold" BTC is at a particular price, and thus how likely a particular trend is to sustain.

Currently, thanks to the modest rebound off the lows, RSI appears to be in the process of challenging a multi-month downtrend in place since November.

"The two previous breakouts during the past year have lead to massive bullish moves," Hyland added as part of Twitter comments alongside a chart showing the action.

Bitcoin daily RSI vs. BTC/USD annotated chart. Source: Matthew Hyland/ Twitter


from https://ift.tt/4OMpu7xYW
https://ift.tt/27YBFWgKz

Labels

Labels:

Comments

Post a Comment

Any questions, Please.

Popular posts from this blog

Five Bitcoin Price Charts Analyzing The Dramatic Q1 2022 Conclusion

There are only hours remaining until the Q1 2022 close in Bitcoin price action. With the important quarterly candle set to close tonight, let’s look at what technicals might say about the direction of the next quarter. Q1 2022 Comes To A Close For Bitcoin The first quarter of a year, often sets the tone for the year to come. In investments, a poor Q1 performance is indicative of a bad year ahead. Considering the fact that Bitcoin price is now above $45,000 after touching $32,000 this quarter, it is tough to say the performance has been “poor” by anything other than crypto standards. Related Reading | Bitcoin Weekly Momentum Flips Bullish For First Time In 2022 The cryptocurrency has recovered nearly 40% from the low, leaving a long wick behind. Such a long wick suggests that before the quarter came to a close, buyers stepped up in a major way. Buyers were able to step up in a larger capacity in Q1 2022 than bears were able to in the final quarter of last year. The bearish wick to cl...
Post a Comment
Read more

ENS DAO delegates offer perspective on DAO governance and decentralized identity

AlphaWallet CEO and Spruce co-founder talk about their roles as contributors to the Ethereum Name Service following the project's recent airdrop. Earlier this month, the Ethereum Name Service, or ENS, formed a decentralized autonomous organization, or DAO, for the ENS community.  Cointelegraph spoke to two ENS DAO delegates who applied for the opportunity to represent the community and stay involved in the decision making process: Victor Zhang, CEO of AlphaWallet, an open source Ethereum wallet, and Gregory Rocco, co-founder of Spruce, a decentralized ID and data toolkit for developers. Zhang spoke about his experience as an external contributor to ENS and an early supporter since 2018. Zhang initially sought to help ENS by offering Alpha Wallet as a user-friendly tool for  resolving .eth names and cryptocurrency wallet addresses. Essentially, if a user inputs an .eth name in the AlphaWallet, it will show the wallet address, and vice versa using reverse resolution. Alpha...
Post a Comment
Read more

FTX hacker reportedly transfers a portion of stolen funds to OKX after using Bitcoin mixer

On-chain activity suggests that the hacker has sent at least 225 BTC (4.5 million) to OKX so far. Hackers who drained FTX and FTX USA of over $450 million worth of assets just moments after the doomed crypto exchange filed for bankruptcy on Nov. 11, continue to move assets around in an attempt to launder the money.  A crypto analyst who goes by ZachXBT on Twitter alleged that the FTX hackers have transferred a portion of the stolen funds to the OKX exchange, after using the Bitcoin mixer ChipMixer. The analyst reported that at least 225 BTC — worth $4.1 million USD — has been sent to OKX so far.  1/ Myself and @bax1337 spent this past weekend looking into the FTX attacker’s deposits to ChipMixer. It appears they’ve likely been transferring a portion of the stolen FTX funds to OKX after withdrawing from CM So far we’ve accounted for at least $4.1m (255 BTC) sent to OKX pic.twitter.com/C46JZWtktn — ZachXBT (@zachxbt) November 29, 2022 According to ZachXBT, the FTX h...
Post a Comment
Read more