Bitcoin, the flagship of the cryptocurrency market, may be signaling a new attack with its rising transaction volume in recent days.. At least, according to Coindesk analyst Omkar Godbole, this is the case. Stating that the 14-day relative strength index (RSI) rose to 59.04, the highest level after September 4, the analyst said that levels above 50 imagine that the bulls have become active on that asset.< Stating that Bitcoin has entered the period with the highest bounce potential of the last two months among these indicators, Godbole pointed out that although many analysts question the efficiency of the RSI, the RSI indicator is the indicator that shows the most accurate results for Bitcoin so far.
Daily Chart
As can be seen in the chart above, Bitcoin managed to break above the 50-day logarithmic moving average and the symmetrical bullish triangle
The 5 and 10-day EMAs are also moving north and supporting the bullish formation.
In addition, Bitcoin is at the Bollinger band of 6,500 at the time of publication. If the leading cryptocurrency completes the day above $6,500, it can confirm the bull rally again.
The Coindesk analyst, stating that MACD and RSI also indicate an increase in Bitcoin, concludes his article with these notes; /p>
- Bitcoin’s eyes are on the bulls to take action for $6,800.
- A break above the 50-day simple moving average SMA of $6,642 will strongly confirm the bullish action.
- The fact that the daily UTC closes below the 10-day EMA and below $6,400 will weaken the bullish movement.
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Bitcoin, the leading cryptocurrency, is trading at $6,462 on Coinbase as of the time of publication.
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