Crypto Analyst: Bitcoin Showing Signs of Strength on Daily and Weekly Charts
A closely followed crypto analyst is issuing a warning to Bitcoin (BTC) bears that the crypto king is showing signs of strength on the daily and weekly charts.
Pseudonymous analyst Credible Crypto tells his 346,000 followers on the social media platform X that Bitcoin’s relative strength index (RSI) is flashing a classic bullish divergence on the daily chart while showing a hidden bullish divergence on the weekly chart.
In technical analysis, a classic bullish divergence is typically seen as a reversal signal while a hidden bullish divergence is a sign of trend continuation.
Credible Crypto says, “Largest liquidation event since Dec ’21 (yes, nearly two years ago), 2x that of FTX collapse. Classic bullish divergence on BTC daily and hidden bullish divergence on BTC weekly (charts below depict both). BTC dominance backtesting bullish breakout of two-year long range. Calls for $20,000, $12,000 and $10,000 are pouring in despite no actual break in the bullish market structure to signal any sort of shift in momentum (first break is at $24,800). Bears are asking to be absolutely obliterated here.”
Credible Crypto also says that so far this year, Bitcoin has been consolidating for quite some time at the lows before igniting a steep surge.
“It doesn’t look like much now, but in an impulsive/trending environment, things can escalate quickly.”
At the time of writing, Bitcoin is worth $26,024.
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