{"id":381004,"date":"2019-05-06T20:00:00","date_gmt":"2019-05-06T20:00:00","guid":{"rendered":"https:\/\/wncen.com\/?p=381004"},"modified":"2024-06-11T07:40:12","modified_gmt":"2024-06-11T07:40:12","slug":"bitcoin-price-btc-rsi-bull","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-btc-rsi-bull\/","title":{"rendered":"Crypto Analyst: Bitcoin Price (BTC) RSI Breaks Into Bull Market Territory"},"content":{"rendered":"<p>The first ever cryptocurrency has struggled to recapture the enthusiasm and exuberance prior to the 2017 hype bubble pop. Since then <a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin pric<\/a>e has declined over 85% to its eventual bottom, and a brutal and hard-fought bear market has caused investors to question the long-term validity of BTC and its altcoin cousins.<\/p>\n<p>But on long-term price charts, signs that the momentum has turned are evident. On the 1-week RSI, the important momentum indicator has broken into bull market territory for the first time since the start of 2018 when the crypto market first began to collapse.<\/p>\n<h2>RSI: Bitcoin Bull Market is Back<\/h2>\n<p>Long-term chartist and crypto analyst, <a href=\"https:\/\/twitter.com\/davthewave\/status\/56894976?s=12\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Dave the Wave<\/a>, known for his analysis of the MACD indicator and moving averages for Bitcoin price prediction, has shared a new chart with the message \u201cself explanatory.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Self-explanatory~ <a href=\"https:\/\/t.co\/OxlozdqgGr\" rel=\"nofollow\">pic.twitter.com\/OxlozdqgGr<\/a><\/p>\n<p>&mdash; dave the wave\ud83c\udf0a\ud83c\udf13 (@davthewave) <a href=\"https:\/\/twitter.com\/davthewave\/status\/56894976?ref_src=twsrc%5Etfw\" rel=\"nofollow\">May 6, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The chart shows the MACD \u2013 the Moving Average Convergence Divergence \u2013 and RSI \u2013 the Relative Strength Index \u2013 stacked upon one another, with the RSI demonstrating clear resistance that Bitcoin has now broken through on the one week timeframe.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/04\/24\/sell-in-may-and-go-away-a-look-at-historic-bitcoin-price-performance-in-may\/\">Sell in May and Go Away? A Look At Historic Bitcoin Price Performance in May\u00a0<\/a><\/strong><\/em><\/p>\n<p>The resistance is drawn all the way back to the 2014-2015 bear market finale, when Bitcoin finally flipped bullish \u2013 a bull run that took the price of the leading cryptocurrency by market cap from $1,000 to $20,000 and made Bitcoin a household name in just a couple short years.<\/p>\n<p>Once the resistance level was broken on the RSI following the last bear market close, the price stayed above the resistance turned support all the way through until the end of 2017 when the crypto bubble popped and the market crashed.<\/p>\n<p>The RSI isn\u2019t the only indicator to suggest the initial stages of a Bitcoin bull run have begun. The SuperGuppy, an indicator based on a variety of moving averages, <a href=\"https:\/\/wncen.com\/2019\/04\/10\/bitcoin-technical-indicator-confirms-uptrend\/\">has turned bullish for the first time in over a year<\/a>, suggesting that a new uptrend has been confirmed.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/04\/22\/bullish-bitcoin-price-formation-hints-at-short-term-move-above-6k\/\">Bullish Bitcoin Price Formation Hints At Short Term Move Above $6K<\/a><\/strong><\/em><\/p>\n<p>According to analysts, Bitcoin formed a \u201ctext book\u201d <a href=\"https:\/\/wncen.com\/2019\/04\/16\/crypto-analyst-bitcoin-price-chart-shows-textbook-bump-and-run-reversal-bottom\/\">bump-and-run-reversal bottom<\/a> which caused the price of the leading crypto by market cap to<a href=\"https:\/\/wncen.com\/2019\/04\/02\/crypto-community-bitcoin-price-rally\/\"> rally over $1,000 over the course of an hour<\/a>, setting off a full-blown April rally and a green monthly candle close that had bulls everywhere rejoicing.<\/p>\n<p>Bitcoin is struggling with resistance above $5,800 \u2013 a zone that played important support during the first stages of the bear market. Bitcoin will have layers of strong resistance above it ranging from $5,800 to $6,400. But once those levels are taken out by buyers, the price of Bitcoin \u2013 <a href=\"https:\/\/wncen.com\/2019\/03\/26\/economist-bitcoin-fastest-highest-asset\/\">given its scarcity<\/a> \u2013 could skyrocket as new investors consider the emerging asset class and <a href=\"https:\/\/wncen.com\/2019\/04\/05\/sidelined-waiting-bitcoin-altcoins\/\">billions of sidelined money<\/a> re-enters the market.<\/p>\n<pre>Featured image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>The first ever cryptocurrency has struggled to recapture the enthusiasm and exuberance prior to the 2017 hype bubble pop. Since then Bitcoin price has declined over 85% to its eventual bottom, and a brutal and hard-fought bear market has caused investors to question the long-term validity of BTC and its altcoin cousins. But on long-term price charts, signs that the momentum has turned are evident. On the 1-week RSI, the important momentum indicator has broken into bull market territory for the first time since the start of 2018 when the crypto market first began to collapse. RSI: Bitcoin Bull Market is Back Long-term chartist and crypto analyst, Dave the Wave, known for his analysis of the MACD indicator and moving averages for Bitcoin price prediction, has shared a new chart with the message \u201cself explanatory.\u201d Self-explanatory~ pic.twitter.com\/OxlozdqgGr &mdash; dave the wave\ud83c\udf0a\ud83c\udf13 (@davthewave) May 6, 2019 The chart shows the MACD \u2013 the Moving Average Convergence Divergence \u2013 and RSI \u2013 the Relative Strength Index \u2013 stacked upon one another, with the RSI demonstrating clear resistance that Bitcoin has now broken through on the one week timeframe. Related Reading | Sell in May and Go Away? A Look At Historic Bitcoin Price Performance in May\u00a0 The resistance is drawn all the way back to the 2014-2015 bear market finale, when Bitcoin finally flipped bullish \u2013 a bull run that took the price of the leading cryptocurrency by market cap from $1,000 to $20,000 and made Bitcoin a household name in just a couple short years. Once the resistance level was broken on the RSI following the last bear market close, the price stayed above the resistance turned support all the way through until the end of 2017 when the crypto bubble popped and the market crashed. The RSI isn\u2019t the only indicator to suggest the initial stages of a Bitcoin bull run have begun. The SuperGuppy, an indicator based on a variety of moving averages, has turned bullish for the first time in over a year, suggesting that a new uptrend has been confirmed. Related Reading | Bullish Bitcoin Price Formation Hints At Short Term Move Above $6K According to analysts, Bitcoin formed a \u201ctext book\u201d bump-and-run-reversal bottom which caused the price of the leading crypto by market cap to rally over $1,000 over the course of an hour, setting off a full-blown April rally and a green monthly candle close that had bulls everywhere rejoicing. Bitcoin is struggling with resistance above $5,800 \u2013 a zone that played important support during the first stages of the bear market. Bitcoin will have layers of strong resistance above it ranging from $5,800 to $6,400. But once those levels are taken out by buyers, the price of Bitcoin \u2013 given its scarcity \u2013 could skyrocket as new investors consider the emerging asset class and billions of sidelined money re-enters the market. Featured image from Shutterstock<\/p>\n","protected":false},"author":517,"featured_media":381020,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,679,6664,24132,2849,14763],"class_list":["post-381004","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-bitcoin-price","tag-crypto","tag-dave-the-wave","tag-macd","tag-rsi"],"acf":[],"yoast_head":"\n<title>Crypto Analyst: Bitcoin Price (BTC) RSI Breaks Into Bull Market Territory<\/title>\n<meta name=\"description\" content=\"The first ever cryptocurrency has struggled to recapture the enthusiasm and exuberance prior to the 2017 hype bubble pop. 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \\\"The Bull,\\\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. 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