Traders in Bitcoin (BTC) may be suffering “severe panic”. But one analyst claims that virtually all technical indicators lead to a price increase.
Filbfilb, the co-founder of the trading platform Decentrader, has compiled a list of more than 20 indicators. Suggesting Bitcoin is on the verge of gaining positive momentum.
“That’s enough” for a Bitcoin upside breakout
BTC/USD rose in tandem with markets late Wednesday, owing to comments from the US Federal Reserve on policy.
After reaching $49,300, the pair continued to consolidate below $49,000, where it remained as of press time.
On the other hand, the Crypto Fear & Greed Index, which Filbfilb says is misguided, has yet to show any faith in the short-term prospects of BTC price action, with the Crypto Fear & Greed Index at just 29/100.
“Basically, looking at it, I think there’s enough there to think we may break to the upside. Besides, I don’t think there’s any trading exposure that fits the analysis”, he concluded.
Additionally, Seller exhaustion, miner accumulation, and a variety of on-chain measures were among the 21 items on a list of bullish catalysts.
The lost 20-week moving average, 50- and 100-day moving averages, bear indications on the 3-day chart, and a “terrible” weekly chart were all in the negative camp.
The Stoch RSI identifies a unique bottoming structure
His words echo those of others in the industry, with TechDev, a popular Twitter account, pointing to a number of additional reasons that point to a price increase on the horizon.
Furthermore, throughout Bitcoin’s history, one of them, the stochastic relative strength index (stoch RSI), has been shown to function as a bull flag at local bottoms.
The stoch RSI chart is now the one to watch, according to Jeff Ross, founder and managing director of Vailshire Capital Management.