Bitcoin RSI points to more BTC price upside as a $65K battle rages
2024.07.18 10:36
Bitcoin (BTC) continued its fight to reclaim $65,000 on July 18 as the level became a key line in the sand for analysts.
BTC/USD 1-day chart. Source: TradingView
Bitcoin bulls seek to break crucial resistance hurdle
Data from Cointelegraph Markets Pro and TradingView showed consolidatory BTC price action characterizing the Asia trading session and Wall Street open.
Having reached $66,000 the day prior, BTC/USD returned to test the mettle of its recent gains as the short-term holder (STH) realized price came into play.
As Cointelegraph reported, this bull market trendline, just above $64,000 as of July 18, had previously been lost as support for the first time in nearly a year.
For popular trader and analyst Rekt Capital, BTC/USD was thus acting in a significant zone and in need of firm support confirmation.
“Bitcoin is not quite ready just yet for a successful retest of the ~$65,000 level as new support,” he acknowledged on X alongside an explanatory chart.
“Bitcoin will need a similar retest like in the not-so-distant past (blue circle) to confirm a break back into the $65,000-$71,500 region.”
BTC/USD chart. Source: Rekt Capital/X
A further post warned that BTC/USD “risks rejection” if the $65,000 area remains undefeated on daily timeframes.
Continuing, trader, analyst and podcast host Scott Melker, known as the “Wolf of All Streets,” eyed positive low-timeframe relative strength index (RSI) signals for a clue as to where the market would head next.
“Bearish divergence cancelled. Nice,” he wrote in part of an X post.
“We now have confirmed hidden bullish divergence (blue), which is a continuation signal.”
BTC/USDT chart with RSI data. Source: Scott Melker/X
Employing Elliott Wave analysis, crypto trader and educator XForceGlobal saw reason for confidence in upside continuation following a consolidatory phase.
“Overall, we are looking for the continuation of a bullish trend if the buy pressure continues to at least finish the first wave 1 of the intermediate degree in orange to gain more confidence that we are finally going to break ATH, going into the conclusion of a primary wave 5 of the highest degree,” commentary on an updated chart concluded.
BTC/USD chart. Source: XForceGlobal/X
Bullish BTC price signals flow
A further bullish turnaround meanwhile came from a proprietary trading indicator created by trading suite DecenTrader.
Related: Bitcoin ETFs have 4-8X more BTC price influence than miners — Research
The latest print from Predator on 3-day timeframes produced the first green “bullish” signal since early February — the start of Bitcoin’s run-up to all-time highs of $73,800.
The indicator uses a basket of inputs to generate “green” and “red” signals across multiple timeframes.
“Predator has spoken,” DecenTrader added in X commentary.
BTC/USD chart with Predator data. Source: DecenTrader/X
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
