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- Bitcoin – 4h RSI signals near-term risk-off mode
- Bitcoin’s bullish narrative unchanged in short-term view – TraderKoz
One trader asserts that the picture is “undoubtedly bullish” for the BTC price, despite the fact that Bitcoin is back in a familiar range following the snap volatility.
Bitcoin aficionados had hoped that the previous day’s new yearly highs would enable BTC/USD to break out of its months-long trading range for good, but they were ultimately dissatisfied. The largest cryptocurrency was rejected at $31,500, falling just hours later below $30,000 to challenge the range’s lower end.
Bitcoin – 4h RSI signals near-term risk-off mode
Looking forward, dealers consequently returned to risk-off mode temporarily.
Jelle, a well-known trader, noted that relative strength index (RSI) values had reversed course on 4-hour timeframes, effectively putting an end to the previous hype. “Bitcoin – 4h RSI completely reset, as cost advanced towards the nearby reach lows. I’m not expecting a lot of instability throughout the end of the week, possibly simply more range bound PA,”
At the overnight lows near $29,700, fellow trader Skew nonetheless observed what appeared to be solid buyer interest.
Bitcoin’s bullish narrative unchanged in short-term view – TraderKoz
The overall bullish narrative was also maintained in longer-term perspectives, with short-term retracements and sideways movement below resistance a necessary obstacle to overcome. One of them was TraderKoz, who, along with a number of other participants in the market, dispelled concerns regarding a deeper fall that could disrupt Bitcoin’s upward trend. Prior research acknowledged that such a pullback zone might be too “ideal,” which suggested that those who were waiting for it might be left behind.
Source: https://www.cryptoknowmics.com/news/in-the-wake-of-30k-bitcoin-buyers-the-bitcoin-price-remains-undoubtedly-bullish