Popular crypto traders believe Bitcoin (BTC) is gearing up for a big breakout this month, on its way to new all-time highs.
A pseudonymous analyst known as TechDev said in a new analysis that BTC's Relative Strength Index (RSI) has built a bottoming structure and is showing early signs of potentially reversing to a new rally. I am.
The RSI indicator is a momentum oscillator used to determine whether an asset is oversold or overbought. RSI values range from 0 to 100, with levels of 70 to 100 indicating that the asset is overbought and levels of 0 to 30 indicating that the asset is oversold.
I will explain the technology development.
“Also, the number of weeks since the previous impulse high is the same as when the all-time high breakout began in the 2014-2017 period.
If we look more closely, we can see that an RSI breakout may form. Compare this to the last time we saw a similar setup in the yellow zone. The RSI breakout then became an important indicator of larger market changes. ”
The analyst shared a chart showing that he expects Bitcoin to skyrocket to around $90,000 by November or December.
“Once merged, the outlook is a final consolidation against the expected upper trendline.
I expect a breakout from this severe correction in mid-October. On the higher time frames, they form a literal horizontal line.
We will constantly monitor potential deviations from the expected orange path and provide updates if we see any changes. ”
At the time of this writing, BTC is trading at $62,628. The top crypto asset by market capitalization has fallen by almost 2% in the past 24 hours.
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