An analysis that attracts attention in the crypto money market, Bitcoin $82,275.12revealed that the technical indicators gave an excessive sale signal. Rect Capital analyst emphasized that the relative power index (RSI) in the daily graph has declined to bear market levels and that this situation triggered rapid recovery in the past. In the current environment, where Bitcoin is traded at $ 82,207, a potential double foot formation attracts attention. The analyst pointed out the $ 78,000-71,700 band as critical support, while investors should closely monitor technical signals.
Relationship between RSI and Past Price Movements
According to the data shared by Rekt Capital, Bitcoin’s RSI fell to 23.93 in 2022 and 18.28 in August 2023. In both cases, the price has risen from these levels in a short time and experienced a trend return. Analyst said that Bitcoin was either approaching the bottom or creates new bottom levels during the periods when RSI went below 28. These data indicate that the existing RSI values may be a harbinger of a similar recovery.
In addition to technical indicators in the crypto currency market, macroeconomic factors affect prices. However, vehicles such as RSI play an important role in determining short -term strategy for investors. Especially over -selling zones can be considered as an opportunity to purchase. Rekt Capital draws attention to these dynamics in past cycles and states that the current RSI levels may be the beginning of a new rise.
On a single screen instant prices, important data, news, latest developments, comments and discussions at Chat! Come right away from your eyes!
Meaning of Binary Dip Formation for the Market
Bitcoin’s price movement in recent weeks points to a formation called “bilateral dip in technical analysis. This means that the price is rising after testing a certain level of support twice. Rekt Capital, the Layer-1 protocol Cro’nun completed a similar formation by completing an example of the rise. A similar scenario for Bitcoin is expected to be valid.
The formation of binary foot formation points to the increasing procurement pressure of investors at the bottom levels. However, in order to complete this structure, the price needs to overcome critical resistances. The analyst emphasized that the range of $ 78,000-71,700 is a solid support zone and emphasized the importance of protecting these levels. While the wavy course in the market continues, volume and macro data should be followed as well as technical indicators.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
