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Crypto Analyst: Key Indicator Shows Bitcoin Bull Run Just Getting Started – BTC, ETH, XRP, LTC, BCH, XLM, TRX Forecasts

by Daily Hodl Staff
September 20, 2019
in Trading

Crypto analysts are looking at Bitcoin’s RSI as a potential indicator of where the leading cryptocurrency is heading.

PlanB, who is well-known in the industry for applying the stock-to-flow ratio to Bitcoin, says BTC’s current RSI suggests the digital asset is at the start of a new bull market.

The RSI, or relative strength index, measures the pace of price movements for a given asset. The RSI is typically considered overbought above 70 and oversold when under 30.

According to PlanB, Bitcoin is historically poised for a long-term rally when its RSI enters the 50-80 area. Right now, the RSI is at 59.

“RSI (relative strength index) is a much used indicator showing momentum. When RSI enters the RSI 50-80 zone (green), Bitcoin bull market starts and RSI stays in that range for 3+ up-moves. In bear markets it oscillates in a lower range.”

Source: PlanB/Twitter

Right now, Bitcoin is up 0.82% at $10,124, according to COIN360. The rest of the market is mostly in the red.

Etherum is down 2.17% at $216.10, XRP is down 4.84% at $0.2886 and Litecoin is down 2.81% at $74.55.

Source: COIN360

CoinDesk analyst Omkar Godbole says today’s close is key. He’s looking for Bitcoin to move above $10,380.

“Bitcoin created a bullish hammer candle yesterday, making today’s UTC close pivotal. A close above $10,380 (candle’s high) will likely invite stronger buying pressure and yield a rise toward $11,000.

A high-volume move above $10,822 would confirm a triangle breakout on the daily chart and signal a resumption of the rally from $4,000.”

Here’s a look at the latest forecasts from across the cryptoverse.

Bitcoin

CoinDesk – Bitcoin’s $780 price recovery makes Friday’s close pivotal

Ethereum

CryptoGlobe – Ethereum has likely reversed from lows, starting uptrend

XRP

FXStreet – After a big week, retest is now in the cards for XRP/USD

Litecoin, Bitcoin Cash, Stellar, Tron

NewsBTC – Crypto market rebounding: BCH, LTC, TRX, XLM analysis

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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