Bitcoin Shows Reversal Signs; Crypto Strategist Predicts Bearish 'Obliteration
Prominent crypto analyst warns that Bitcoin (BTC) is displaying strength indicators on both daily and weekly charts.
Credible Crypto, a pseudonymous analyst with 346,000 followers on platform X, highlights Bitcoin's RSI showing bullish divergences on both daily and weekly charts. In technical terms, a classic bullish divergence indicates a potential trend reversal, while a hidden one suggests trend continuation.
Credible Crypto notes:
- The biggest liquidation event since Dec '21, double the FTX collapse.
- BTC's daily chart shows a classic bullish divergence, and its weekly chart reveals a hidden bullish divergence.
- Bitcoin's dominance is retesting a bullish breakout from a two-year range.
- Predictions of BTC dropping to $20,000, $12,000, or $10,000 are emerging, though there's no break in the bullish trend to suggest a momentum shift (the first break is at $24,800).
- He warns that bears risk significant losses.
Credible Crypto notes that Bitcoin has spent a significant part of the year consolidating at lower levels, hinting at a potential sharp rise. He adds, "While it may seem insignificant now, in a trending environment, situations can intensify rapidly.
As of now, Bitcoin is priced at $26,024.
Aug 27, 2023