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’s relative strength index (RSI), plus 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 pinpoint trend reversals, and 1-Year HODL waves measure the amount of BTC that has remained dormant for more than one year. TechDev says that traders should take notice that two of Bitcoin’s most important indicators are flashing green at the same time the Nasdaq’s RSI suggests an oversold market.
“3 historic ingredients for major BTC impulses:
3W NASDAQ RSI < 50
Strong bearish sentiment toward risk-on assets
1yr+ HODL wave at ATH
Constrained active BTC supply
3W BTC Vortex bull cross
Building macro bullish momentum.”
On top of the trio of indicators, TechDev says there’s more for bulls to be optimistic about. He also points to both Bitcoin and the total Altcoin market cap testing crucial moving averages as support, just as the US dollar index (DXY) hints at exhaustion. A down-trending DXY traditionally implies strength in other assets, according to most analysts.
“Familiar stage is set…
+ BTC retesting 100D MA after reclaim
+ Altcoin market cap retesting weekly EMA ribbon after years of near-identical structure
+ DXY near local top (imo) after an ~1 year run
+ Fed Funds Rate on the rise”
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The post Three Indicators With Historic Track Record for Calling Bitcoin (BTC) Rallies Flash Bullish: Crypto Analyst appeared first on The Daily Hodl.
