In the first quarter of 2024, an analyst, who was called Bitcoin, believes that BTC is close to printing a local bottom based on the technical momentum index.
Rekt Capital informs his 542.00 followers on the X social media platform that the Bitcoin (RSI) relative index on the daily chart has decreased to the sale area.
Merchants closely monitor RSI because it can often indicate directional reflection points.
Pra -encryption strategy He says That since November 2022, Bitcoin has installed strong marches every time the relative power index decreases to the levels of sale on the daily time frame.
“Daily RSI in Bitcoin equals 2022 RSI Market levels (RSI = 23.93) when the price decreased to $ 70,000.
The only lower daily RSI returned in this session in August 2023 (RSI = 18.28).
During this session, each visit to Sub-25 RSI resulted in the reflection of the trend to the upward trend over time. “
According to Rekt Capital, historical data He appears Bitcoin may find a strong bottom between $ 78,000 and $ 71,700.
“Bitcoin has made the highest level in the daily.
There is no denial.
But during this entire session, the more Bitcoin reaches 28 or less on the relative strength indicator …
The price of Bitcoin will either below or range from -2 % to -8 % away from the bottom. “
To support his position that Bitcoin is now in the exit phase He says BTC may be followed in the footsteps of the 1 CRONOS (CRO). According to the Rekt Capital, CRO may be in the midst of ending its landmark with a double -bottom style.
“What is interesting is that BTC is trying to build a possible formation similar to the double bottom here.
While CRO has exploded from its double bottom, in fact, the pioneer of Bitcoin.
Other altcoins are in different stages of their double bottoms for each of them. ”
The dual -bottom structure is traditionally seen as a bullish reflection pattern because it indicates that the original has found a price ground and is preparing for the bullish trend explosion.
Based on the merchant scheme, it appears to indicate that CRO has removed the pattern resistance at about $ 0.08. At the time of this report, CRO is traded at $ 0.80.
At the time of this report, Bitcoin is traded for $ 82,207, a decrease of more than 4 % last day.
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