A Crypto Analyst Issues Warning to Bitcoin Bears
A popular crypto analyst, known as Credible Crypto, is alerting Bitcoin bears that the cryptocurrency is demonstrating signs of strength on both the daily and weekly charts. The analyst points out that Bitcoin’s relative strength index (RSI) is displaying a classic bullish divergence on the daily chart and a hidden bullish divergence on the weekly chart. These divergences are significant indicators in technical analysis.
Here are the key points from Credible Crypto’s analysis:
1. Classic bullish divergence on BTC daily chart.
2. Hidden bullish divergence on BTC weekly chart.
3. Largest liquidation event in almost two years.
4. BTC dominance testing a bullish breakout.
5. Calls for lower Bitcoin prices despite no shift in bullish market structure.
Credible Crypto also notes that Bitcoin has been consolidating at the lows for a while before experiencing a sharp surge. The analyst reminds readers that in a trending environment, things can escalate quickly.
At the time of writing, Bitcoin’s price is $26,024.
Hot Take
Bitcoin bears are being warned by Credible Crypto that the cryptocurrency is displaying reversal signals and signs of strength on the daily and weekly charts. Despite calls for lower prices, the bullish market structure remains intact. As Bitcoin continues to consolidate and show upward momentum, it may prove challenging for bears to see their predictions materialize.
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