The Bitcoin price is not more skyrocketed after he got out earlier this week, more than 11,500$. At the time of writing, the cryptocurrency trade at 11.900 $.The asset is now increased in the last seven days, by about 20%.This strong performance has made Bitcoin according to different technical Standards are extremely overbought.Nevertheless, the analysis of a trader indicates that BTC will go in the coming months, further to the above.This is in line with the claims of other analysts, that the leading crypto-currency will reach in the year 2020, probably $ 14,000 and $ 20,000 to increase in the year 2021 may be higher.
Bitcoin has rise game room, next to: RSI-analysis
The course was the development of Bitcoin in the past week, to say the least, impressive. Data of Coin Market Cap, according to the asset has increased in value in the last seven days by 21%, which is one of the biggest weekly gains for many months.
This recent rally has, however, led to the fact that Bitcoin is oversold according to the Relative strength Index.
The Relative strength Index, better known as RSI, is an oscillator that indicates whether an asset is overbought, neutral or oversold. As Investopedia explains, is the RSI oscillator:
“The Index of the relative strength (RSI) is a Momentum indicator used in technical analysis and the extent of the recent price changes, measures to assess overbought or oversold conditions in the price of a stock or other asset.”
According to the trading view of the One-day has crossed, RSI of Bitcoin during the recent rally, the mark of 85. This is approaching the “extremely overbought” area, and means traditionally that the top of a trend is near.
The analysis of a crypto-Trader, however, has revealed that the RSI of Bitcoin at 85 could actually be more bullish than bearish.
The Trader has on 1. August, the below Chat, and commented that Bitcoin has never reached a “Between-Top for an initial 85+ (RSI) financial statements”. He added that “Bitcoin has never had less than 3+ Drives about 85″ in a single bull cycle”.
That is, by historical standards, Bitcoin will print in the next few months, at least two similar rallies in the past week.
Chart of the macro price action of BTC with analysis of the Index of relative strength Trader Mr. Anderson (@trueCrypto28 on Twitter). Chart of TradingView.com
Where will BTC end?
Bitcoin may be prepared to rise further in the coming months – but where are the crypto will land currency in terms of their price?
According to the crypto-analyst Tyler D. Coates $ 14,000 to October is possible. The Trader according to Bitcoin according to a Textbook will reach the”bull flag”pattern in October or a little earlier to 14,000$.
This optimism is shared by Mike Novogratz, CEO of Galaxy Digital. He said at the beginning of the week to CNBC: He assumes that BTC will reach in the next two to three months 14.000 $ – then the $ 20,000 by the end of 2020.