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Prices have gone up over the last week or so.
The asset may have entered "over-bought" territory. Bitcoin did a staggering 22% on last week.
Furthermore, the crypto rally has pushed BTC above a number of key technical indicators. In addition, crypto rally has taken btc beyond a number of key technical indicators.
This may indicate that the bear market has formed and a new upward trend is emerging.
The simple 200-day moving average (sma) is often used as a "litmus test for macro-economic trends," glassnode says.
This may suggest that the market's bearish trough has formed, and a new upward trend is emerging.
Bitcoin RSI High
Another key technical indicator is the Realized Price (RP). Bitcoin blew through this level which is currently at $19,753, according to Woo Charts
Realized Price is the value of all coins in circulation at their last moved price. "Bitcoin markets often express a strangely coherent cyclical behavior, with this trading cycle below the 200D-SMA for 381 days, which is only 5 days from the bearish market 2018-19 to 386 days."
Bitcoin RSI HighAn additional key technical indicator is the realized price (RP). Moreover, it can also be regarded as an estimate of what the whole market has paid for their btc.
At present, this macroeconomic trend indicator is $24,566. While short-term prospects are optimistic, another indicator shows a signal of overbought. The daily relative strength index of bitcoin () is currently just under 90, which is elevated.
While short-term prospects are optimistic, another indicator flashes an over-bought signal.
Bitcoin's daily relative strength index () is currently just under 90, which is elevated.
The daily rsi cools down to a little less than 90.we have reached the 90 several times, often followed by a correction before a push up and a div bear.
The last significant increase (94) was the peak of 20,000 in 2017. pic.twitter.com/BXlWmms3Ml
— The Wolf Of All Streets (@scottmelker) January 17, 2023
From a market sentiment outlook, Bitcoin is now back in neutral territory on the fear and greed index. The latest significant increase (94) was the peak of 20,000 in 2017. from a market perspective, Bitcoin is now returning to neutral territory on the Fear and Greed Index.
Bitcoin Fear and Greed Index is 52 — Neutral
Current price: $21,162 pic.twitter.com/Ai66Qae8LG
— Bitcoin Fear and Greed Index (@BitcoinFear) January 18, 2023
From a market perspective, Bitcoin is now returning to neutral territory on the index of fear and greediness. Bitcoin fear and greed index is 52 — neutralitalcurrent price: $21,162 pic.twitter.com/ai66qae8lg — bitcoin fear and greed index (@bitcoinfear) January 18, 2023when redrafted, The Btc changed hands for $21,275 after three days of regrouping.
At the time this document was drafted, BTC was changing hands for $21,275 after three days of consolidation. Analysts are optimistic about another boost.
Bitcoin Fear and Greed Index is 52 — NeutralData: $21,162 pic.twitter.com/Ai66Qae8LG — Bitcoin Fear and Greed Index (@BitcoinFear) January 18, 2023.the next level of resistance is about $24,000, visited Aug 2022. However, a downward drop would find price zone support of $18,000. While we are at the local sourcing, consolidates itself in a tight range on short lead times. pic.twitter.com/1jZMAVz3Qb
— CrediBULL Crypto (@CredibleCrypto) January 17, 2023
