Bitcoin

PlanB confirms the Bitcoin bull market with an RSI similar to the 2016 halving

The creator of possibly the most famous Bitcoin (BTC) price prediction tool stated that the largest cryptocurrency is in a bull market.

In one Tweet of August 18th the quantum analyst Plan B, Developer of the stock-to-flow range of bitcoin pricing models, said that a Relative Strength Index (RSI) of 64 “confirmed” the bull market.

PlanB: BTC “looks strong”

The RSI is used to determine whether Bitcoin is oversold or bought at a certain price.

PlanB confirms the Bitcoin bull market with an RSI similar to the 2016 halving
PlanB confirms the Bitcoin bull market with an RSI similar to the 2016 halving

The current behavior mimics that of the previous halving cycles, with both strong RSI levels in 2012 and 2016 being accompanied by a price that runs shortly after the halving event itself.

“#Bitcoin looks strong, RSI 64, bull market confirmed” wrote PlanB.

Bitcoin RSI historical chart. Source: PlanB / Twitter

Bitcoin RSI historical chart. Source: PlanB / Twitter

BTC / USD surprised commentators by retaining USD 12,000 of support after another attempt to hedge the level suddenly succeeded on Monday.

At the time of this writing, the situation was showing signs of tension. with a decline that rebounded to just $ 12,020.

Previously, Cointelegraph reported on consensus building $ 13,000 and $ 14,000 as the next significant levelwhich, if overcome, could trigger a serious boost towards new all-time highs.

The dollar could “bleed”

BTC has ditched gold as a safe haven in the past two weeksHowever, one theory clearly explains why both assets performed so well.

The US dollar has weakenedand based on the US dollar currency index, A more significant breakdown may be near.

The index measures the strength of the dollar against the currencies of a number of US trading partners. As the analyst noted Mati Greenspan, The value is now at its lowest level in two years.

The analyst of Cointelegraph Markets, Michaël van de Poppe, further described the index as “The Real Reason Bitcoin and Gold Are Strength”.

Keep it up, the gold pendant Peter ship gave a grim outlook for the USD.

“The US dollar continues to bleed slowly and the dollar index has fallen below $ 92.50 for the first time since May 2018.”, tweeted.

“Once the January low is broken (4 points lower), a bigger wound will open and blood loss will accelerate. Once the 2008 low is broken, the dollar will bleed to death.”

The Federal Reserve is generally inclined to call for higher inflation in the future, which commentators have previously described as extremely intimidating.

Similar Posts