Bitcoin Weekly RSI Points To More Upside, But Can the Bulls Defend $107,000?
Bitcoin’s weekly chart exhibits promising indicators of energy as the RSI continues to climb, hinting at the potential for additional upside. However, the battle isn’t over but. With worth hovering close to the crucial $107,000 help, bulls should defend this stage to stop deeper draw back stress.
RSI And Price Alignment: A Textbook Case Of Momentum Confirmation
In a latest market update, EGRAG CRYPTO questioned whether or not the bulls and bears are even analyzing the identical chart, as the present macro weekly construction of Bitcoin exhibits no indicators of bearishness. The broader setup stays firmly bullish, suggesting that the ongoing worth actions are a part of a wholesome uptrend.
The analyst emphasised that when Bitcoin’s worth and the Relative Strength Index (RSI) rise concurrently on the weekly timeframe, it serves as a affirmation of momentum slightly than a warning signal. This alignment typically alerts robust buying curiosity and market conviction, supporting the argument for continued bullish stress in the close to to mid-term.
EGRAG CRYPTO additional highlighted that the Exponential Moving Average (EMA) ribbon stays supportive, reinforcing the pattern’s energy. In the professional’s view, the present setup is a transparent indication of macro affirmation, not mere market noise. Such alignment between indicators sometimes precedes vital continuation phases, exhibiting that the pattern stays well-structured and sustainable.
However, the professional added a word of warning, stating that traders ought to solely be cautious if the RSI climbs into overbought territory above 70, which may counsel a brief cooldown. For now, with RSI hovering round 50, Bitcoin nonetheless has loads of room to run. This leaves the market with a robust technical basis and appreciable potential for additional upside momentum.
Bitcoin Faces Rejection At $111,000: Bulls Lose Grip On Momentum
According to Crypto VIP Signal’s newest analysis, Bitcoin is at present dealing with challenges after failing to maintain its upward momentum above $111,000. The rejection from this level means that selling pressure stays robust, maintaining bullish momentum quickly in examine.
Crypto VIP defined that Bitcoin is now retesting the $107,000 help zone, a crucial space that would decide the subsequent doable transfer. Holding this stage is important to stop a deeper pullback, because it has served as a key basis throughout earlier consolidation phases.
However, a decisive break beneath the $107,000 help would doubtless set off extra promoting stress, probably extending the ongoing correction. Monitoring this stage carefully now seems necessary, since a bounce from right here may reignite bullish sentiment, whereas a breakdown may expose Bitcoin to additional draw back dangers in the brief time period.
