Bitcoin Price Indicators Grow Increasingly Bullish
Bitcoin (BTC) seems likely to inch greater toward $6,800 from the near-term, since the technical signs have increased increasingly bullish at the previous 24 hours. Especially, the 14-day relative strength index (RSI), which measures the rate and change of price moves, has jumped to 59.04 — the maximum level since Sept. 4.
A reading over 50 suggests that bullish forces are acting on the advantage. Therefore, it appears safe to state that the top cryptocurrency is appearing most bullish in just two weeks.
The present position of the RSI is really reassuring for the bulls. Technical analysts, however, could assert that calling a bullish move on the grounds of RSI alone is a risky business, since the index sometimes produces false signs.
While that’s correct, in BTC’s instance, other indicators will also be biased toward the bulls. Therefore we could confidently place our confidence in the RSI.
As may be seen above, BTC has cleared the rigid 50-day exponential moving average (EMA) barrier now, having seen a bullish symmetrical triangle breakout across the weekend.
The 5-day and 10-day EMAs are trending northwest, signaling a bullish installment.
Further, BTC is now trading above the upper Bollinger band of $6,500 plus a breakout could be confirmed when prices visit a UTC close above this amount.
What is more, the moving average convergence divergence (MACD) histogram is climbing, indicating scope for additional gains. In conclusion, both price actions along with the technical indicators have been supporting the inputs signs provided by the RSI.