One analyst lists 21 factors that are favoring Bitcoin’s price rise while listing only 4 bearish signs

Bitcoin (BTC) traders may experience “extreme panic,” but one analyst claims that Practically all technical indicators point to a price increase.

In conversation with Cointelegraph on December 16 filbfilb, co-founder of the Decentrader trading platform, listed more than 20 signs suggesting that the upward momentum for Bitcoin should be imminent.

There are “enough reasons” to think about an increase in Bitcoin

The BTC / USD pair gained in stocks late Wednesday Thanks to the comments on the Federal Reserve’s policy.

One analyst lists 21 factors that are favoring Bitcoin’s price rise while listing only 4 bearish signs
One analyst lists 21 factors that are favoring Bitcoin’s price rise while listing only 4 bearish signs

The pair hit $ 49,300 and began consolidating below the $ 49,000 markat which point it remains at the time of this writing.

Index of fear and greed of cryptocurrencies. Source: Alternative.me

However, sentiment has yet to show confidence in the near-term future of the BTC price movement. The Cryptocurrency Fear and Greed Index is only 29/100, something that filbfilb thinks is wrong.

“Basically, I think there is enough reason to believe there might be an increase and I think no trading exposure does not fit the analysis. “he summarized.

The accompanying bull trigger list comprised 21 items, and it included vendor exhaustion, miners’ accumulation, and a selection of on-chain metrics.

In the bear field, however, there were only four: Loss of the 20-week moving average and the 50- and 100-day moving averages, bearish signs on the 3-day chart and a “terrible” weekly chart.

BTC / USD (Bitstamp) 1-day candlestick chart with 50-, 100- and 140-day moving averages. Source: TradingView

Stochastic RSI follows a rare soil structure

Your comments match those of other people in the field. The popular Twitter account TechDev highlighted several other factors that support an impending price hike.

One of them, The Stochastic Relative Strength Index (Stoch RSI) has proven to be a bullish flag in Bitcoin’s history at local lows.

For Jeff Ross, Founder and Managing Director of Vailshire Capital Management, The stochastic RSI is now the chart to watch out for.

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