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Are BTC’s Higher-High And RSI Lower-High Signs of Trend Reversal?

Crypto investor opines $69,000 is not the highest that BTC could reach.BTC took the form of two steps in a staircase on the third and fourth days.RSI makes lower-highs while BTC...
Are BTC’s Higher-High And RSI Lower-High Signs of Trend Reversal? © Reuters Are BTC’s Higher-High And RSI Lower-High Signs of Trend Reversal?
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  • Crypto investor opines $69,000 is not the highest that BTC could reach.
  • BTC took the form of two steps in a staircase on the third and fourth days.
  • RSI makes lower-highs while BTC records higher-highs, the bull run could be over.

Crypto investor and educator, Lark Davis tweeted that $69,000 was not the highest that Bitcoin (BTC) could reach. Further clarifying his views on the potential that BTC has, the crypto investor stated “the next cycle will easily take us over $100,000”.

When taking a closer look at the chart below, BTC kicked off the week trading at $17,200. It fluctuated between the $17,200 and $17,600 range for the first two days of the week. On the third day of the week, the bulls helped BTC break above the $17,600 mark that it was constricted to.

BTC rose to take the form of two steps in a staircase on the third and fourth days. Notably, the height of both steps is quite similar, although the width was different. The difference in width was because BTC exhibited more sideways movement on the fourth day than on the third.

The bulls took full control of the market on the fifth day and BTC, which was trading at $19,346 at the beginning of the day, spiked to $21,047 within just a few hours. BTC has been trading in the $20,800 and $21,200 range since the fifth day. It reached a maximum of $21,268 during its rally. Currently, BTC is priced at $21,112 and is up 1.86% in the last 24 hours.

BTC/USDT 7-day Trading Chart (Source: CoinMarketCap)

As shown in the chart below, it has been exponentially increasing. This bullish sentiment is due to BTC forming higher-highs simultaneously with RSI forming higher-highs (green circles). Specifically, BTC was $18,406 when the RSI was 85.72, and then when BTC rose to $21,253, the RSI rose to 92.60.

BTC/USDT 4h Trading Chart (Source: TradingView )

Although the current RSI is at 69.96 and nearing the overbought region, BTC could still be on the bull run as the RSI value was much higher previously. However, opposing this sentiment, RSI dropped to a lower-high when BTC made a higher-high as shown in triangles, hence a trend reversal could be on the horizon.

Moreover, the widening Bollinger bands denote that there could be more volatility on the horizon. This supports the trend reversal sentiment. If the bears dominate, BTC may fall to Support 1. But if the bulls continue BTC may hit Resistance 1.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post Are BTC’s Higher-High And RSI Lower-High Signs of Trend Reversal? appeared first on Coin Edition.

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24-02-2024 14:01:31 (UTC+7)

EUR/USD

1.0821

-0.0002 (-0.02%)

Summary

Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (3)

Sell (2)

EUR/USD

1.0821

-0.0002 (-0.02%)

Summary

Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (3)

Sell (2)

GBP/USD

1.2671

+0.0012 (+0.09%)

Summary

Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (2)

Sell (5)

USD/JPY

150.52

+0.01 (+0.01%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (2)

Sell (4)

AUD/USD

0.6564

+0.0011 (+0.17%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (2)

Sell (6)

USD/CAD

1.3510

+0.0029 (+0.21%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

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EUR/JPY

162.88

-0.05 (-0.03%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

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EUR/CHF

0.9535

+0.0008 (+0.08%)

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Gold Futures

2,045.80

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↑ Sell

Moving Avg:

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Silver Futures

22.977

+0.193 (+0.85%)

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↑ Buy

Moving Avg:

Buy (11)

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Copper Futures

3.8690

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Neutral

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Crude Oil WTI Futures

76.57

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Brent Oil Futures

81.58

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Natural Gas Futures

1.582

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Sell (12)

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US Coffee C Futures

179.85

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↑ Sell

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Buy (2)

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Buy (0)

Sell (10)

Euro Stoxx 50

4,872.25

+16.89 (+0.35%)

Summary

Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (5)

Sell (3)

S&P 500

5,088.80

+1.77 (+0.03%)

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↑ Sell

Moving Avg:

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Sell (12)

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DAX

17,419.33

+48.88 (+0.28%)

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Neutral

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (4)

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FTSE 100

7,706.28

+21.79 (+0.28%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (7)

Hang Seng

16,725.86

-17.09 (-0.10%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (2)

Sell (6)

US Small Cap 2000

2,016.69

+2.85 (+0.14%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (3)

Sell (6)

IBEX 35

10,130.60

-8.30 (-0.08%)

Summary

Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (5)

Sell (0)

BASF SE NA O.N.

46.600

-0.245 (-0.52%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

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Buy (6)

Sell (1)

Bayer AG NA

28.82

-0.10 (-0.33%)

Summary

↑ Sell

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Sell (8)

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Sell (9)

Allianz SE VNA O.N.

246.50

-8.60 (-3.37%)

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Buy

Moving Avg:

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Adidas AG

188.78

+0.96 (+0.51%)

Summary

Neutral

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (4)

Sell (1)

Deutsche Lufthansa AG

7.381

-0.122 (-1.63%)

Summary

↑ Buy

Moving Avg:

Buy (12)

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Indicators:

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Siemens AG Class N

175.30

+3.20 (+1.86%)

Summary

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Deutsche Bank AG

12.390

+0.138 (+1.13%)

Summary

Neutral

Moving Avg:

Buy (3)

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Indicators:

Buy (5)

Sell (2)

    EUR/USD 1.0821 Buy  
    GBP/USD 1.2671 Sell  
    USD/JPY 150.52 Neutral  
    AUD/USD 0.6564 ↑ Sell  
    USD/CAD 1.3510 ↑ Buy  
    EUR/JPY 162.88 Neutral  
    EUR/CHF 0.9535 ↑ Buy  
    Gold 2,045.80 ↑ Sell  
    Silver 22.977 ↑ Buy  
    Copper 3.8690 Neutral  
    Crude Oil WTI 76.57 ↑ Buy  
    Brent Oil 81.58 ↑ Buy  
    Natural Gas 1.582 ↑ Sell  
    US Coffee C 179.85 ↑ Sell  
    Euro Stoxx 50 4,872.25 Buy  
    S&P 500 5,088.80 ↑ Sell  
    DAX 17,419.33 Neutral  
    FTSE 100 7,706.28 ↑ Sell  
    Hang Seng 16,725.86 ↑ Sell  
    Small Cap 2000 2,016.69 ↑ Sell  
    IBEX 35 10,130.60 Buy  
    BASF 46.600 ↑ Buy  
    Bayer 28.82 ↑ Sell  
    Allianz 246.50 Buy  
    Adidas 188.78 Neutral  
    Lufthansa 7.381 ↑ Buy  
    Siemens AG 175.30 ↑ Sell  
    Deutsche Bank AG 12.390 Neutral  
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# So hôm qua # Chênh TG
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