News
  • Vignesh S G
    author-profile

    Vignesh S G right arrow

    Author

    Vignesh is a young journalist with a decade of experience. A proud alumnus of IIJNM, Bengaluru, he spent six years as a Sub-Editor for a leading business magazine, published from Kerala. His interest in futuristic technologies took him to a US-based software company specialising in Web3, Blockchain and AI. This stint inspired him to view the future of journalism through the lens of next generation technologies. Now, he covers the crypto scene for Coinpedia, uncovering a vibrant new world where technology and journalism converge.

    • 1 minute read

    Don’t Miss This! Top 3 Reasons Why Bitcoin Price Will EXPLODE in July

    Story Highlights
    • A crypto analyst identified technical signs suggesting Bitcoin's price will go up.

    • Three key indicators are bullish divergence, decreasing selling volume, and Bollinger Bands squeeze.

    • These signs suggest weakening selling pressure and a potential price increase for Bitcoin.

    Well, it seems to be looking up for Bitcoin bulls again! A prominent crypto trading analyst, Roman, has identified several technical signals suggesting a bullish continuation for Bitcoin. In his latest analysis, posted on X, Roman highlights key indicators that point to a potential uptrend, encouraging cryptocurrency traders to pay close attention.

    Curious to know what these signals are and why you shouldn’t miss them? Read on to unlock the secrets Roman reveals.

    Weekly Chart Reveals Bullish Divergence

    Roman’s analysis focuses on the 1-week Bitcoin chart, where each candlestick represents one week of price action. He points out that with the recent weekly close, Bitcoin has established a third bullish divergence between its price and the Relative Strength Index (RSI). This divergence occurs when the price makes lower lows while the RSI makes higher lows, suggesting weakening selling pressure and a potential upward reversal.

    In addition to the bullish divergence, Roman notes a significant observation in Bitcoin’s price action: the volume. He explains that the recent price movement down or sideways has been accompanied by decreasing volume. In a bullish context, this indicates that selling interest is diminishing. As fewer participants are willing to sell at lower prices, it sets the stage for buyers to step in and drive the price up.

    Bollinger Bands Signal Impending Breakout

    Roman also highlights the behavior of Bollinger Bands on the Bitcoin chart. Currently, the bands are squeezing, meaning they are contracting and moving closer together. This squeeze indicates a period of low volatility and often precedes a breakout, signaling an upcoming increase in volatility. Traders watch for such squeezes as they can lead to significant price movements, providing potential trading opportunities.

    A Bullish Continuation in Sight?

    Combining these factors—three bullish divergences, decreasing volume, and a Bollinger Bands squeeze—Roman’s analysis suggests that Bitcoin is poised for an uptrend continuation. Traders and investors should keep a close eye on these signals as Bitcoin could be set for a significant move upwards.

    Also Read: Here’s How Much Bitcoin Price Can Surge In July, Top Analysts Weigh In

    Think Bitcoin’s done? Think again. This analysis might change your mind.

    Show More

    Related Articles

    Back to top button