On a large scale, Crypto analyst stretches Capital says that Bitcoin (BTC) displays the pre-rally behavior of the textbook as technical indicators and price action Flash Green.
The pseudonym analyst tells his 543,000 followers on the social media platform X that BTC Bullish Divergence shows with the Relative Strength Index (RSI).
A bullish divergence takes place when a momentum-oriented indicator such as the RSI trends higher while the price goes lower or sideways, suggesting that the price in the price is predicted.
Kapital indicates that there were comparable differences in August 2024, 2023 and November 2022.
“Bitcoin develops a higher layer on the RSI and forms lower lows on the price.
In general, Bitcoin has already formed bullish diversions a few times during the cycle.
Every Bull Div preceded the advantage. “
Zooming in, the analyst says that the downward trend of BTC has been officially broken as soon as a clean break of the lower high structure, currently around $ 82,000, occurs.
“Bitcoin has successfully tested red as support and the daily RSI Higher Low is also preserved.
Growing signs of a ripening bullish divergence here, with price just below the main trend trend (blue).
BTC has to break this downtrend to enable the Bull Div to take place. “
At the time of writing, Bitcoin acts at $ 84,789, slightly above the blue, downward trend line of Rekt Capital in the graph, which suggests that the reversal is possible.
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Generated image: midjourney
