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Bitcoin Will Soon See the Exact Same Signal That Marked the Start of a 4,000% Rally


Bitcoin Will Soon See the Exact Same Signal That Marked the Start of a 4,000% Rally

Bitcoin has failed multiple attempts at breaking past $10,500 over recent weeks, yet analysts say that the cryptocurrency is still on track to erupt into a new bull run in the coming months. A prominent trader shared the chart below on June 13th, showing that Bitcoin’s two-week relative strength index (RSI) is about to break past a downtrend formed in the wake of the rally to $20,000. This is important as the last time the two-week RSI looked as it did now was at the start of BTC’s previous bull run, prior to a ~4,000% move from ~$500 to $20,000. The RSI breakout isn’t the only trend that has analysts believing that the start of a macro uptrend is on the horizon. Technical analyst Eric “Parabolic” Thies shared the chart below. It shows BTC’s macro price action along with two key trend indicators, the Chaikin Money Flow (CMF) and the Stochastic RSI (Stoch RSI). Read More...