419: BULLISH DIVERGENCE, TD9 ‘BUY SIGNAL’ ALIGN FOR A NEW BITCOIN RELIEF RALLY!! $100K BTC BY DECEMBER!!
Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
English - December 12, 2020 15:44 - 20 minutes - 10.2 MB - ★★★★ - 537 ratingsTechnology Education bitcoin binance bitcoinnews bitcoinnewstoday bitcoinprice bitmex blockchain btc btcnews crypto Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
The Bitcoin price has rebounded strongly from sub-$17,600 to $18,400 in the past 24 hours.
Now, two major technical indicators are signaling the likelihood for a larger BTC relief rally. The 4-hour price chart of Bitcoin is showing a bullish divergence just as it prints a TD9 buy signal.
Both indicators typically light up when an asset sees a strong sell-off and the selling pressure gets exhausted.
The 4-hour bullish divergence and TD9 buy signal are conceptually similar in that they emerge after a steep correction.
A bullish divergence is a technical pattern that revolves around the Relative Strength Index (RSI).
The RSI is a momentum indicator that gauges whether an asset is overbought or oversold. The RSI has a scale of 0 to 100; under 35 means an asset is oversold and over 75 means an asset is overbought.
If the RSI drops below 35 and it begins to recover with an asset, a bullish divergence emerges. Scott Melker, a cryptocurrency trader, said that the 4-hour price chart of Bitcoin showed a bullish divergence as the price recovered above $18,150.
He said: “We all know that we have a beautiful confirmed oversold bullish divergence with RSI. RSI is currently pushing against descending resistance. If it pushes through, price should follow up. No intention of closing my long for now.”
For complete show notes and for the full premium experience with video, visit our YouTube channel at http://CryptoNewsAlerts.net