A renowned Bitcoin trader is of the opinion that Bitcoin’s (BTC) 200-week moving average (200WMA) and relative strength index (RSI) is signaling a bullish trend.
An analyst who is pseudonymously known as Plan B informs his 1.9 million Twitter fan base that though Bitcoin’s 200-Week Moving Average (WMA) is suggesting a decline, he awaits for RSI to confirm.
Plan B presents a chart that has the following data
- Realized/200WMA suggests how minute the 2021 bull market was when compared with 2013 and 2017.
- After there was a ban from China for mining during the 2021 summer, Bitcoin was on a bull run again along with RSI moving upwards
- However, during the month of Nov/Dec 2021, the RSI broke and that was the end of a bull run
- At present, the Realized/200WMA is indicating a bottom.
What do Indicators Say?
Weekly moving averages are technical standards through which inventors and traders know price volatility by forming a regular updated average price. On the other hand, Bitcoin’s relative strength is an indicator that measures the currency’s candle fluctuation for 14 days.
While having a detailed study of Bitcoin’s 200WMA, Plan B says, the flagship currency is in the right position at present.
The strategist confirms that the world’s first cryptocurrency has rebounded to 200 WMA and Realized Price Levels and when Bitcoin was trading at $22,000 and says let’s wait and watch if the currency holds on to this level
And also says that if the Bitcoin price trades at $24,800, it will revert the RSI back at 45
According to Plan B, at present RSI is below 45 as mentioned above and he feels that this is the time when RSI should revert towards a bullish stance
Bitcoin Price To Hit $100 In Four Years?
The analyst, Plan B, posted a Twitter poll for his 1 million followers where he asked, what will be Bitcoin’s worth in the next four years?
The poll had an answer where 85% of the voters claimed that Bitcoin will hit an all-time high of above $100k price level in the next 4 years.
At present Bitcoin has declined below the $22k level and is changing hands at $21,715 with an increase of 0.29% over the last 24hrs.
The post appeared first on Coinpedia
