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Are BTC’s Higher-High And RSI Lower-High Signs of Trend Reversal?

Crypto investor opines $69,000 is not the highest that BTC could reach.BTC took the form of two steps in a staircase on the third and fourth days.RSI makes lower-highs while BTC...
Are BTC’s Higher-High And RSI Lower-High Signs of Trend Reversal? © Reuters Are BTC’s Higher-High And RSI Lower-High Signs of Trend Reversal?
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  • Crypto investor opines $69,000 is not the highest that BTC could reach.
  • BTC took the form of two steps in a staircase on the third and fourth days.
  • RSI makes lower-highs while BTC records higher-highs, the bull run could be over.

Crypto investor and educator, Lark Davis tweeted that $69,000 was not the highest that Bitcoin (BTC) could reach. Further clarifying his views on the potential that BTC has, the crypto investor stated “the next cycle will easily take us over $100,000”.

When taking a closer look at the chart below, BTC kicked off the week trading at $17,200. It fluctuated between the $17,200 and $17,600 range for the first two days of the week. On the third day of the week, the bulls helped BTC break above the $17,600 mark that it was constricted to.

BTC rose to take the form of two steps in a staircase on the third and fourth days. Notably, the height of both steps is quite similar, although the width was different. The difference in width was because BTC exhibited more sideways movement on the fourth day than on the third.

The bulls took full control of the market on the fifth day and BTC, which was trading at $19,346 at the beginning of the day, spiked to $21,047 within just a few hours. BTC has been trading in the $20,800 and $21,200 range since the fifth day. It reached a maximum of $21,268 during its rally. Currently, BTC is priced at $21,112 and is up 1.86% in the last 24 hours.

BTC/USDT 7-day Trading Chart (Source: CoinMarketCap)

As shown in the chart below, it has been exponentially increasing. This bullish sentiment is due to BTC forming higher-highs simultaneously with RSI forming higher-highs (green circles). Specifically, BTC was $18,406 when the RSI was 85.72, and then when BTC rose to $21,253, the RSI rose to 92.60.

BTC/USDT 4h Trading Chart (Source: TradingView )

Although the current RSI is at 69.96 and nearing the overbought region, BTC could still be on the bull run as the RSI value was much higher previously. However, opposing this sentiment, RSI dropped to a lower-high when BTC made a higher-high as shown in triangles, hence a trend reversal could be on the horizon.

Moreover, the widening Bollinger bands denote that there could be more volatility on the horizon. This supports the trend reversal sentiment. If the bears dominate, BTC may fall to Support 1. But if the bulls continue BTC may hit Resistance 1.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post Are BTC’s Higher-High And RSI Lower-High Signs of Trend Reversal? appeared first on Coin Edition.

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03-02-2023 13:05:28 (UTC+7)

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    EUR/USD 1.0896 Buy  
    GBP/USD 1.2218 Neutral  
    USD/JPY 128.60 ↑ Buy  
    AUD/USD 0.7066 Buy  
    USD/CAD 1.3325 ↑ Buy  
    EUR/JPY 140.13 ↑ Buy  
    EUR/CHF 0.9959 Buy  
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    Silver 23.560 ↑ Buy  
    Copper 4.1167 ↑ Buy  
    Crude Oil WTI 75.67 ↑ Buy  
    Brent Oil 82.02 ↑ Buy  
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    US Coffee C 178.38 ↑ Buy  
    Euro Stoxx 50 4,241.12 Neutral  
    S&P 500 4,179.76 ↑ Buy  
    DAX 15,509.19 Buy  
    FTSE 100 7,820.16 ↑ Buy  
    Hang Seng 21,616.00 ↑ Buy  
    Small Cap 2000 2,001.22 ↑ Buy  
    IBEX 35 9,229.70 ↑ Sell  
    BASF 53.840 ↑ Buy  
    Bayer 56.80 ↑ Buy  
    Allianz 221.70 ↑ Buy  
    Adidas 157.92 ↑ Buy  
    Lufthansa 9.893 ↑ Sell  
    Siemens AG 143.72 ↑ Buy  
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