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BITCOIN RETAKES CRUCIAL KEY LEVEL THAT CATALYZED
4,000% RALLY According to a crypto trader, Bitcoin’s strong rebound in April saw the BTC price close its monthly candle above a key level of the Ichimoku Cloud on the one-month chart.
This is relevant for BTC because the last time Bitcoin claimed this technical level was in early 2016, when the Bitcoin price was trading around $500 and prior to the 4,000% rally that brought the cryptocurrency to $20,000 just 20 months later.
This historical precedent suggests that the crypto market is on the verge of its next parabolic rally.
This is the latest of many historically-relevant signs that Bitcoin is soon going to erupt into a full-blown bull run.
Bitcoin’s trend earlier this week was so strong that amid the peak of Wednesday’s rally a trader observed an unexpected technical occurrence:
The relative strength index (RSI) reading of Bitcoin’s one-hour chart hit 96.5 — just a few points shy of the top of the oscillator, 100.
Traditional forms of technical analysis state that whenever the RSI passes the level of 70, it is overbought over the time frame that is being analyzed.
The fact that Bitcoin’s one-hour RSI briefly hit 96.5 means that it was extremely overbought, almost to the point of lunacy.
According to a crypto trader, the last time this metric was this high for BTC was in April 2019, on the day that the cryptocurrency rocketed 25% higher within the span of a few hours.
What followed this move was an extended rally from the $4,000s to $14,000 within three months.
Similarly, a trader shared the chart in the wake of Bitcoin’s recent strength, noting that the rising wedge that had constrained Bitcoin’s price for the past six weeks has been decimated, with clear invalidation to the upside.
What’s especially notable about this formation of BTC breaking above a rising wedge after a bear market, this is the exact same market structure that marked the start of 2019’s bull run, which brought prices from the $4,000s to $14,000 in three months’ time.
In other trending Bitcoin News today:
Bitcoin Supercycle Theory Ignites Crypto Twitter As BTC Halving Approaches
A prediction that Bitcoin (BTC) is about to begin a fourth parabolic phase that will bring the leading cryptocurrency to more than a quarter-million dollars is lighting up the cryptoverse.
A post revealing the new forecast from price analyst PlanB shot across crypto Twitter this week, with more than 4,200 likes.
But the forecast itself has reignited the great debate on the relationship between Bitcoin’s halving – which will slash the rate of new BTC entering the market in a matter of days – and the price of BTC.
According to PlanB, who recently told Morgan Creek Digital co-founder Anthony Pompliano that he’s a member of an institutional investment team that manages roughly $100 billion in assets, his latest stock-to-flow model shows BTC rising to $288,000 by the end of 2024.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
Daily Ichimoku will very likely confirm fully bullish on todays close, as well as 2D Kumo Breakout with a bullish Kumo Twist
I cannot not be bullish on Q2. I want to buy dips. pic.twitter.com/1OUDSintY9
— Smokey (@TraderSmokey) May 1, 2020