Bitcoin (BTC), traders may be feeling “extreme panic,” however, one analyst claims that virtually all technical metrics point to price upward.
Filbfilb, the co-founder and CEO of Decentrader trading platform, identified more than 20 indicators that indicate bullish momentum for Bitcoin.
“Enough is enough” for a Bitcoin upside breakout
BTC/USD gained with equities on Wednesday due to comments from the United States Federal Reserve.
The pair reached $49,300 and then started to consolidate below $49,000, which is where it stands at the time of writing.
Crypto Fear & Greed Index. Source: Alternative.me
However, sentiment has not shown any faith in the near-term future BTC price action with the Crypto Fear & Greed Index only at 29/100 — something Filbfilb believes to be misplaced.
He summarized, “Basically, looking at it I think there are reasons to believe that there is enough to think we could break to upside and I feel that no trading exposure doesn’t fit the analysis.”
A list of 21 bullish triggers was included in the accompanying document. It also included miner accumulation, seller exhaustion and other on-chain metrics.
There were four bearish indicators in the bearish camp. These included the 20-week losing average, 50-, and 100-day moving Averages, bear signals on 3-day charts, and a “horrible” weekly chart.
BTC/USD 1-day Candle Chart (Bitstamp), with 50-, 100 and 140-day moving Averages. Source: TradingView
Stoch RSI lines up rare bottoming structure
His comments are in line with others in the space. TechDev, a popular Twitter account, highlighted several other factors that support an imminent price rise.
Related: Bitcoin’s retail buyers buy most BTC since the March 2020 crash.
#BTC 3-day hidden bull div is about to take place in my opinion. RSI just above 40 indicates an imminent stoch RSI crossing, all after a bear div-marked local distribution. pic.twitter.com/warqTBc27d
— TechDev (@TechDev_52) December 15, 2021
One of them, the stochastic absolute strength index (stoch RSI), was proven to be a bull flag at local bottoms in Bitcoin’s history.
Jeff Ross, founder of Vailshire Capital Management and managing director, believes that stoch RSI should be the chart to follow.
What I’m looking at… The last four stochastic RSI (14) lows since late 2019, are available on the #bitcoin weekly chart. We are currently at or close to #5. Take your shot. pic.twitter.com/l96rASOWXq
— Dr. Jeff Ross (Pleb counselor), (@VailshireCap), December 14, 2021