{"id":9908,"date":"2023-01-21T20:12:20","date_gmt":"2023-01-21T20:12:20","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=9908"},"modified":"2023-01-21T20:12:21","modified_gmt":"2023-01-21T20:12:21","slug":"bitcoin-due-new-big-rally-as-rsi-copies-2018-bear-market-recovery","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=9908","title":{"rendered":"Bitcoin due new &#8216;big rally&#8217; as RSI copies 2018 bear market recovery"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) is in for a new \u201cbig rally\u201d as market strength copies conditions from after the 2018 bear market.<\/p>\n<p>According to the latest analysis, BTC\/USD will continue to head higher \u201cafter some consolidation\u201d thanks to key signals from its relative strength index (RSI).<\/p>\n<h2>Bitcoin prints never-before-seen bullish divergence<\/h2>\n<p>With the BTC price gains still coming, Bitcoin bulls are feeling increasingly confident despite widespread mistrust of the longevity of the current rally.<\/p>\n<p>For popular trader Crypto Wolf, a key phenomenon now underway sets Bitcoin\u2019s latest recovery apart from all others.<\/p>\n<p>RSI, he noted on Jan. 18, had printed a long-awaited bullish divergence on weekly timeframes \u2014 something which has never happened before.<\/p>\n<p>\u201cBTC printed a rare weekly RSI bullish divergence. Never happened in BTC history, a once in a life opportunity,\u201d he summarized on Jan. 21.<\/p>\n<p>RSI is a fundamental gauge used by traders to determine whether an asset is overbought or oversold at a given price. The weekly print has been long in the making, with Cointelegraph reporting on its arrival in advance at the end of last year.<\/p>\n<p>\u201cTechnicals were there, charts were screaming bottom but as usual majority was in full bear mode,\u201d Wolf added.<\/p>\n<p><em>BTC\/USD 1-week candle chart (Bitstamp) with RSI. Source: TradingView<\/em><\/p>\n<h2>Analyst: &#8220;Some consolidation&#8221; will precede upside<\/h2>\n<p>With that, Bitcoin is beginning to repeat the kind of renaissance last seen at the end of its previous bear market in early 2019.<\/p>\n<p><strong><em>Related:\u00a0Dead cat bounce? Bitcoin price nears $23,000 in fresh 5-month high<\/em><\/strong><\/p>\n<p>Trader and analyst Trader Tardigrade, also known as Alan on social media, thus predicts that the good times will continue for a while to come. <\/p>\n<p>\u201cBTC has been repeating the pattern in RSI and Price Action to 2019 bottom,\u201d he told followers last week. <\/p>\n<p>\u201cOn daily chart, 1. RSI Strong uptrend to overbought zone 2. $BTC had a significant drop before that 3. Sudden buyers bought up $BTC. Big rally will be following after some consolidation.\u201d<em>BTC\/USD annotated chart. Source: Trader Tardigrade\/ Twitter<\/em><\/p>\n<p>Daily RSI stood at near 87 at the time of writing, Data from Cointelegraph Markets Pro and TradingView showed. <\/p>\n<p>This is its highest since January 2021, months before BTC\/USD set new all-time highs of $58,000 in April and $69,000 in November.<\/p>\n<p><em>BTC\/USD 1-day candle chart (Bitstamp) with RSI. Source: TradingView<\/em><\/p>\n<p class=\"post-content__disclaimer\">The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-due-new-big-rally-as-rsi-copies-2018-bear-market-recovery\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) is in for a new \u201cbig rally\u201d as market strength copies conditions from after the 2018 bear market. According to the latest analysis, BTC\/USD will continue to head higher \u201cafter some consolidation\u201d thanks to key signals from its relative strength index (RSI). Bitcoin prints never-before-seen bullish divergence With the BTC price gains still [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9909,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-9908","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9908","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9908"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9908\/revisions"}],"predecessor-version":[{"id":9910,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9908\/revisions\/9910"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/9909"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9908"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9908"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9908"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}