Bitcoin up again? Analysts in anticipation of a "big rally"
An analysis of the RSI fundamental indicator concluded that BTC traders have many reasons for optimism in view of the further rise in prices for the first cryptocurrency, writes Cointelegraph.
RSI is a measure used by traders to determine if an asset is overbought or oversold at a given price. Traders are now anticipating a new big rally in Bitcoin as the market is in conditions post the 2018 bear market.
According to the latest analysis, BTC/USD will continue to rise after some consolidation thanks to key signals from its Relative Strength Index (RSI).
As the BTC price rally continues, traders are feeling more and more confident despite widespread mistrust about the durability of the current rally.
Among these conditions is that the RSI has a strong uptrend towards the overbought zone, while before that BTC fell significantly and sudden buyers bought up BTC. After some consolidation, a big rally will follow.