Bitcoin(BTC reclaimed $41,000 on April 14 asThe first day Western stock market trading after EasterThe bullish picture is more apparent.
AnalysisA call to caution on BTC
DataFrom Cointelegraph Markets Pro and TradingView showed BTC/USD spiking above $41,000 during April19 reaching five days highs on Bitstamp.
InIt was a refreshing break from the gloomy holiday season. The largest cryptocurrency started to replicate what? goldThe price had fallen from $1.998 to $1.960 an ounce at the time this article was written, but it had been achieved within days.
EquallyThe U.S. was however energized. dollar, which has continued to consolidate its strength in an ongoing headwind for BTC.
The U.S. dollarCurrency index (DXY), remained aboveThe critical 100 mark onAnalysts had predicted that the crypto market would make a comeback, and today was this day.
Ascrypto sentiment exited “extreme fear,” monitoring resource Material Indicators nonetheless called for a level-headed appraisal of BTC price action.
Several moving averages, it said on April 19, needed to be reclaimed before the outlook could fundamentally change.
Before you get too excited about yesterday’s #BitcoinPA, remember that bulls need these moving averages in order to validate a trend reverse. ToAvoid falling for the bull trap. Watch for volume and wait for confirmations. https://t.co/26BLOFwenL pic.twitter.com/r219S4YYCv
— Material Indicators (@MI_Algos) April 19, 2022
On April18, however, the account acknowledgedThe current chart setup is bullish.
PunditHopes for pins onBull trigger of RSI
In a now rare bull flag from the stock market, meanwhile, the S&P 500 posted a bottom signal on April19. This has historically fueled BTC price increases.
Related: BitcoinData suggests that hodlers seeking $100K are what’s keeping 40% price decline.
Themove refers to the stochastic absolute strength index (RSI). onThe three-week chart. Aurélien Ohayon, CEO of software firm XOR Strategy, concluded that a repeat performance was now due.
#BITCOIN ONE OF THE MOST ACCURATE BOTTOM DETECTORS I HAVE FOUND.
When the 3W-Stochastic RSI K-line of the S&P500 touched the 0 line, a #BTC bottom has been reached and a huge bull run has followed.
It just touched the the 0 line.#SPX $SPX $BTC #Crypto pic.twitter.com/DKRJv6FqIq
— TAnalyst (@AurelienOhayon) April 18, 2022
Bitcoin’sYour own RSI chart was similarly primed for positive results. OnDaily timeframes, RSI stood in at 44.7 after just climbing aboveThe 14-day moving average is a bullish event that occurred throughout 2022.
TheThe views and opinions expressed here are the author’s alone and do not necessarily reflect that of the publisher. Cointelegraph.com. EveryTrading and investment involve risk. You should do your own research before making a decision.
