2023: RSI Above 50 as Ascending Triangle Pattern Forms on Weekly Chart


Bitcoin bulls may be feeling frustrated by the slow price action over the past few months. After hitting resistance at $30k, the Bitcoin price has moved in a very tight range compared to its historical volatility. This can be seen in the FX market too, where the EUR/USD has been climbing steadily over the pivotal 1.10 level, leaving traders wondering what comes next.

The two markets are connected, and when looking at the EUR/USD rally from 0.95 and comparing it to Bitcoin’s from $15,000, the similarities are clear. This suggests that it is more of a US dollar story than Bitcoin investors accumulating more coins.

To understand the situation better, let’s take a look at some technical indicators. Firstly, the Relative Strength Index (RSI) has been above 50 since the start of 2023, suggesting a bullish bias. The weekly chart also points to an ascending triangle pattern, which could lead to a move up to $45k, so long as the Bitcoin price remains above $25k.

The image below shows the Bitcoin chart:

Bitcoin chart by TradingView

To summarise, current technical indicators suggest that the bias for Bitcoin price is bullish, and that it could move up to $45k, providing it holds above $25k.

Related articles

Recent articles