{"id":3964,"date":"2022-07-22T11:53:16","date_gmt":"2022-07-22T15:53:16","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=3964"},"modified":"2022-07-22T11:53:16","modified_gmt":"2022-07-22T15:53:16","slug":"why-hidden-bitcoin-bulls-could-be-ready-to-charge","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/07\/22\/why-hidden-bitcoin-bulls-could-be-ready-to-charge\/","title":{"rendered":"Why Hidden Bitcoin Bulls Could Be Ready To Charge"},"content":{"rendered":"

Bitcoin price<\/a> is attempting its first major recovery since plunging below $20,000 per BTC during the recent crypto market contagion. A hidden bullish divergence could indicate that although the selloff was extreme, bulls have been lying in the wait and will soon begin to charge.<\/p>\n

Here is closer look at the potential bullish continuation signal on BTCUSD weekly price charts.<\/p>\n

Crypto Bulls Lie In Wait, Soon Could Be Ready To Charge<\/p>\n

Bitcoin became a household name in late 2017 after reaching nearly $20,000 per coin and sent the entire crypto market on a historical bull run. After a long bear market, prices were expected to appreciate significantly.<\/p>\n

The now infamous stock-to-flow model<\/a> projected the top cryptocurrency to have reached well over $100,000 per BTC by now. Yet instead, prices retraced back to 2017 levels. Many altcoins corrected back to prices from 2013.<\/p>\n

Related Reading |\u00a0How Weekly RSI Could Suggest The Bitcoin Bottom Is In<\/a><\/p>\n

Although the selloff took more than 74% out of the price of Bitcoin, patient bulls may have been waiting and planning their next move. A hidden bullish divergence on BTCUSD weekly RSI<\/a> has formed from the Black Thursday low that took the leading cryptocurrency to under $4,000 per coin.<\/p>\n

The plunge back then acted as a spring resulting in the 2020 bull run and new all-time highs throughout 2021. With a potential continuation signal on the weekly RSI, is Bitcoin ready to pick up where it left off?<\/p>\n\n

The weekly RSI reached the most oversold conditions ever | Source: BTCUSD on TradingView.com<\/a>
\nDoes This Bitcoin RSI Hidden Bullish Divergence Signal \u201cContinuation?\u201d<\/p>\n

The weekly Relative Strength Index<\/a> is exhibiting a potential hidden bullish divergence. In the example above, it demonstrates that an indicator makes a lower low, while price action makes a higher low. This type of behavior is typically indicative of continuation in the primary trend \u2013 which for Bitcoin has almost always been up.<\/p>\n

The same weekly RSI has also reached the most oversold conditions<\/a> in the cryptocurrency\u2019s short price history. Even better for bulls, the RSI has risen back out of oversold territory and above a reading of 30<\/a>. The chart above also depicts the RSI potentially breaching the RSI-based moving average.<\/p>\n

Related Reading | Bitcoin Weekly RSI Sets Record For Most Oversold In History, What Comes Next?<\/a><\/p>\n

If Bitcoin is to continue its bull run and pick up where it left off, the first major zone to reclaim is $29,000. If BTCUSD can reenter the multi-year trading range, bulls could take a shot at the other side of the range near 2021 all-time highs.<\/p>\n

But it all depends on this bullish divergence confirming, which is only something we\u2019ll truly know in hindsight.<\/p>\n

Weekly #Bitcoin<\/a> RSI analysis could suggest a bottom is in. What do you think? pic.twitter.com\/JSdUlbCo3j<\/a><\/p>\n

\u2014 Tony “The Bull” Spilotro (@tonyspilotroBTC) July 19, 2022<\/a><\/p>\n\n

Follow @TonySpilotroBTC on Twitter<\/a> or join\u00a0the TonyTradesBTC Telegram<\/a> for exclusive daily market insights and technical analysis education. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice.<\/p>\n

Featured image from iStockPhoto, Charts from TradingView.com<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price<\/a> is attempting its first major recovery since plunging below $20,000 per BTC during the recent crypto market contagion. A hidden bullish divergence could indicate that although the selloff was extreme, bulls have been lying in the wait and will soon begin to charge.<\/p>\n

Here is closer look at the potential bullish continuation signal on BTCUSD weekly price charts.<\/p>\n

Crypto Bulls Lie In Wait, Soon Could Be Ready To Charge<\/p>\n

Bitcoin became a household name in late 2017 after reaching nearly $20,000 per coin and sent the entire crypto market on a historical bull run. After a long bear market, prices were expected to appreciate significantly.<\/p>\n

The now infamous stock-to-flow model<\/a> projected the top cryptocurrency to have reached well over $100,000 per BTC by now. Yet instead, prices retraced back to 2017 levels. Many altcoins corrected back to prices from 2013.<\/p>\n

Related Reading |\u00a0How Weekly RSI Could Suggest The Bitcoin Bottom Is In<\/a><\/p>\n

Although the selloff took more than 74% out of the price of Bitcoin, patient bulls may have been waiting and planning their next move. A hidden bullish divergence on BTCUSD weekly RSI<\/a> has formed from the Black Thursday low that took the leading cryptocurrency to under $4,000 per coin.<\/p>\n

The plunge back then acted as a spring resulting in the 2020 bull run and new all-time highs throughout 2021. With a potential continuation signal on the weekly RSI, is Bitcoin ready to pick up where it left off?<\/p>\n

The weekly RSI reached the most oversold conditions ever | Source: BTCUSD on TradingView.com<\/a>
\nDoes This Bitcoin RSI Hidden Bullish Divergence Signal \u201cContinuation?\u201d<\/p>\n

The weekly Relative Strength Index<\/a> is exhibiting a potential hidden bullish divergence. In the example above, it demonstrates that an indicator makes a lower low, while price action makes a higher low. This type of behavior is typically indicative of continuation in the primary trend \u2013 which for Bitcoin has almost always been up.<\/p>\n

The same weekly RSI has also reached the most oversold conditions<\/a> in the cryptocurrency\u2019s short price history. Even better for bulls, the RSI has risen back out of oversold territory and above a reading of 30<\/a>. The chart above also depicts the RSI potentially breaching the RSI-based moving average.<\/p>\n

Related Reading | Bitcoin Weekly RSI Sets Record For Most Oversold In History, What Comes Next?<\/a><\/p>\n

If Bitcoin is to continue its bull run and pick up where it left off, the first major zone to reclaim is $29,000. If BTCUSD can reenter the multi-year trading range, bulls could take a shot at the other side of the range near 2021 all-time highs.<\/p>\n

But it all depends on this bullish divergence confirming, which is only something we\u2019ll truly know in hindsight.<\/p>\n

Weekly #Bitcoin<\/a> RSI analysis could suggest a bottom is in. What do you think? pic.twitter.com\/JSdUlbCo3j<\/a><\/p>\n

\u2014 Tony “The Bull” Spilotro (@tonyspilotroBTC) July 19, 2022<\/a><\/p>\n

Follow @TonySpilotroBTC on Twitter<\/a> or join\u00a0the TonyTradesBTC Telegram<\/a> for exclusive daily market insights and technical analysis education. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice.<\/p>\n

Featured image from iStockPhoto, Charts from TradingView.com<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-3964","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/3964","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=3964"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/3964\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=3964"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=3964"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=3964"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}