Credible Crypto Projects New All-Time Highs For Bitcoin (BTC)
According to a top crypto analyst and trader known as Credible Crypto a hidden bullish divergence is signaling Bitcoin (BTC) rally to new all-time highs.
The analyst shared with his 317.7K followers on Twitter that Bitcoin’s three-week candles show divergence between price and momentum indicator relative strength index (RSI), which hints that rally is incoming.
“Let’s do it again. As long as price continues to close above $34,000 on the W3 timeframe, this hidden bullish divergence is likely to play out and send us to new all-time highs (ATH). BTC.”
According to Credible Crypto, BTC’s steep 50% crash from $69,000 is notable, but Bitcoin never really formed a lower low, which maintained a bullish market structure in the higher timeframes.
“[..] how this can be bearish when the last time we were at $30,000 we rallied to new ATH, and this time we haven’t even made a lower low yet. Simple market structure.”
We must be looking at different charts and data then. Not sure how this can be bearish when the last time we were at 30k we rallied to new ATH and this time we haven't even made a lower low yet. Simple market structure. https://t.co/hG4MXY4Wgp
Looking into the lower timeframes, the crypto expert notes that out of all the possible scenarios, BTC could be setting up a triangle bottom pattern.
We should have validation in the next couple of days if Bitcoin breaks $42,500, and $45,000 becomes the next target.
“An update to this idea – daily demand held and if we are seeing Option 1 play out – the triangle structure may now actually already be complete. If this is the case, it will become VERY clear in the next couple days. Starting with a break of $42,500 and $45,000 shortly after.”
An update to this idea- daily demand held and if we are seeing Option 1 play out- the triangle structure may now actually already be complete. If this is the case, it will become VERY clear in the next couple days. Starting with a break of 42.5k and 45k shortly after. $BTChttps://t.co/iSDcDUhpaYpic.twitter.com/RUqs0tzsMI
