Select Page

Bitcoin Price Breaks 7-month long RSI channel, Will BTC Move Past $35K?

Bitcoin Price Breaks 7-month long RSI channel, Will BTC Move Past $35K?
This article is added for educational purpose only. All credit goes to the respected author of this article. All In One Crypto App do not hold any liabilities of this article. You can get the source link at the end of the article content.

Bitcoin (BTC) price gained another 5% over the past 24-hours to rise to a new daily high of $33,943. The top cryptocurrency has been consolidating under $40K for more than two months now, failing to solidify its position above $35K despite a couple of breakouts. BTC might be looking for a strong trend reversal as it has broken out of the daily RSI channel after 7-months.

The daily RSI channel was on a downtrend for almost 7-months and a breakout from it indicates the top cryptocurrency might see a much-needed price trend reversal to bullish.

RSI is a key indicator that is primarily used to check whether an asset is overbought or oversold. However, it also often signifies price trend reversals. Going by the current daily RSI value and break out, analysts believe Bitcoin could register a healthy bounce back. It would need to first overcome the immediate $35K resistance, conquering which the price could eye for the $40K-$45K range.

Bitcoin Exchange Supply Dips to 18-Month Low

As bitcoin eyes to break past the key resistance of $35K with a major trend reversal on cards, traders have started to move their BTC supply away from exchanges. The Bitcoin supply on exchanges reached a new 18-month low earlier today suggesting traders are expecting a price pump very soon. This also lowers the risk of a major sell-off.

Bitcoin and most of the altcoins lost nearly half of their valuation during the biggest market sell-off of 2021 in May. Nearly $1 trillion was wiped off the crypto market in a couple of days. Since then the market sentiment has remained bearish for the majority of the time.

The recent B-Word conference also failed to move the price of the BTC despite Elon Musk revealing SpaceX owns Bitcoin and Tesla might very soon restart bitcoin payments for its cars. BTC did see a rapid bullish price swing of nearly $1,500 in the run-up to the event but lost the majority of the gains by the end of it.

The post Bitcoin Price Breaks 7-month long RSI channel, Will BTC Move Past $35K? appeared first on Coingape.


Source: Coingape


All In One Crypto App presents a unique dynamic crypto course that allows you to become a profitable and successful trader. Download Now

Don't forget to share your review/suggestions for the android app.

All In One Crypto App is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by All In One Crypto App or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own here


All In One Crypto App

Made $234 profit with Free Signals from $50

This is the best useful app on my phone. Started trading with $50 and in 5 weeks I was up to $234 just with the free signals. I will recommend it to any new person that wants to try trading crypto. Link to Review

Asoluka Chimdindu

Free User
All In One Crypto App

Good Support

This app is one of the best for crypto currency trading signal for experts and beginal with free and premier with auto follow trading bot all the signal is excellent with accurate technical analysis and fundamental I really like the way they guide and support. Link to Review

olaplus olaplus

Premium User
All In One Crypto App

Accurate Trading Signals

I was premium member of this channel back in 2018 when there was no app. Thr signals were too good, more than 90% accuracy. Now with this app and newly introduced auto trading bot, it will be awesome. Too the moon. Link to Review

Yogesh Patil

Premium member
All In One Crypto App

Awesome and Accurate Signals

Very glad to use this app. The crypto signals was awesome and accurate with detailed explanation and visual information. The admin also helpful and nice. Link to Review

soon cheong

Free User
All In One Crypto App

User Friendly App

Signals are great. I love it. App also friendly to use… Nice job guys Link to Review

Olawunmi Dilureni

Premium Subscriber

Recent Comments