Bitcoin is seeing some intense energy this day, with bulls pushing the cryptocurrency towards $17,000 following a snappy bout of weakness earlier this week.
The ongoing uptrend has marked a famous extension of the pattern seen all the draw in which via the previous few months, with bears being unable to produce any ground towards bulls because it continues pushing bigger each and per week.
The crypto is now purchasing and selling at the most practical doubtless prices seen since its 2017 bull bustle, with it now precise a hair a long way from atmosphere new all-time highs.
This comes as retail mania stays tempered, with mainstream media attention and Google Tendencies exercise each and each exhibiting that the funds driving this pattern are coming from non-retail sources.
One analyst is now pointing to the benchmark cryptocurrency’s RSI indicator for insights into where it could in point of fact perhaps pattern next.
He notes that despite the truth that BTC’s uptrend shows some signs of being overheated within the meanwhile, there’s light a solid chance that this could occasionally perhaps depend upon extra upside before going via any selloff.
In most cases, when the crypto’s RSI reaches the ranges it’s at now, Bitcoin rallies for 3.5 days before seeing a 20%+ pullback.
Bitcoin Rallies Towards $17,000 as Uptrend Continues
At the time of writing, Bitcoin is purchasing and selling up precise over 5% at its latest impress of $16,800. This marks a huge $1,000 rise from its 24-hour lows place apart a handful of hours ago.
The place apart the aggregated market trends within the terminate to-term will doubtless depend mostly on whether or no longer or no longer BTC can surmount the resistance that exists round $17,000.
If this level is damaged above, it could in point of fact perhaps very successfully be decided skies up towards essentially the important $20,000 level that merchants are carefully observing within the meanwhile.
Analyst Claims Indicator Suggests BTC Might perchance perchance furthermore Rally Extra Sooner than Seeing a Pullback
Whereas sharing his thoughts on where Bitcoin could pattern within the terminate to-term, one analyst outlined that he’s observing its RSI indicator for hints into where it could in point of fact perhaps pattern next.
He notes that BTC could rally for a pair of more days before going via a solid selloff.
“Obvious, we’re operating sizzling. That mentioned, the closing a lot of cases we were at these ranges on the 3D RSI we persevered bigger, on sensible, for 3.5 more days before any famous pullback (>-20%).”
Image Courtesy of HornHairs. Source: BTCUSD on TradingView.
The arriving few days ought to provide perception into precise how a long way-reaching and sustainable this ongoing Bitcoin upswing will be.
Featured image from Unsplash. Charts from TradingView.