Three Indicators With Historical Track Records For Calling Bitcoin (BTC) Rallies Flash Bullish: Crypto Analyst
A closely followed crypto analyst says that three indicators with a historical record of signaling BITcoin bull runs are all flashing green at the same time.
The pseudonymous analyst known as TechDev tells his 388,000 Twitter followers that the Nasdaq Relative Strength Index (RSI) as well as Bitcoin’s Vortex Cross Indicator and its 1-year HODL (hold on for dear life) wave are all necessary components of BTC rallies.
Vortex cross indicators show trend reversals, and 1-year HODL waves measure the amount of BTC that has remained dormant for more than a year. TechDev says traders should note that when the Nasdaq’s RSI is suggesting an oversold market, two of Bitcoin’s key indicators flash green at the same time.
“3 historical ingredients for big BTC momentum:
3W NASDAQ RSI < 50
Sharply bearish sentiment towards risky assets
1 year+ HODL wave at ATH
Limited active BTC supply
3W BTC Vortex bull cross
Build macro-bullish momentum.”
Source: TechDev/Twitter
In addition to the three indicators, according to TechDev, there is more for bulls to be optimistic about. He also notes that both Bitcoin and the entire altcoin market cap are testing crucial moving averages for support, as is the US Dollar Index (DXY) suggesting exhaustion. A downtrending DXY traditionally implies strength in other assets, according to most analysts.
“The familiar stage is set…
+ BTC retests 100D MA after reclaim
+ Altcoin market cap tests weekly EMA band after years of nearly identical structure
+DXY near local peak (imo) after a ~1 year run
+ Fed funds rate rising”
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