Bitcoin’s Future: Key Indicator Revealed by Crypto Expert
In a recent video, crypto expert Benjamin Cowen discusses a key indicator that could influence Bitcoin’s (BTC) future price movements.
Cowen highlights the relative strength index (RSI) as a pivotal factor. This momentum gauge helps assess whether an asset is oversold or overbought.
According to Cowen, Bitcoin’s price peaks consistently align with the RSI encountering a downward resistance trend on two-week candles, a pattern seen as discomforting.
Analyzing historical data, Cowen points out instances where Bitcoin’s RSI hit this upper trend line, coinciding with significant tops in 2011, 2013, 2017, and 2021. Despite past trends, Cowen suggests investors adhere to risk metrics given the uncertain sentiment surrounding current RSI readings.
READ MORE:
Cathie Wood Discusses Bitcoin’s Current Bull Cycle and ETF ProspectsSwitching to the monthly chart, Cowen explores the scenario where Bitcoin may mimic the 2019 pattern, failing to breach the 66 level initially before potentially reaching the downward resistance level.
He speculates whether Bitcoin could experience a prolonged period akin to 2019, where the monthly RSI declined over nine months following a peak in June, possibly extending into December 2024.
Cowen’s analysis underscores the importance of monitoring these indicators closely for potential insights into Bitcoin’s future trajectory.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Stellar crosses 10 million accounts as XLM supply remains concentrated
Overnight US Stocks | Market bets on Fed rate hikes intensify, three major indexes fall, Marvell Technology (MRVL.US) drops over 10%
At the close, the Dow Jones Industrial Average edged down by 9.45 points, a decrease of 0.02%, closing at 53,559.99 points; the S&P 500 Index fell by 19.23 points, a decline of 0.25%, to 7,711.76 points; and the Nasdaq dropped by 138.93 points, down 0.52%, closing at 26,402.42 points.
Hawkish remarks from Waller ignite tightening expectations; Wall Street expects the Federal Reserve to raise rates by 25 basis points each in September and December
Analysts believe that Waller's latest remarks make the Federal Reserve's September meeting a significant turning point for monetary policy.
Besant Defends US's First Yen Purchase in 28 Years to Avoid Market Volatility, Rising US Treasury Yields and Financing Costs
U.S. Treasury Secretary Janet Yellen defended the rare intervention by the U.S. Treasury last month to support the Japanese yen.
Crypto prices
More
