Bitcoin Analyst: Does This Indicator Point To A New Bull Market?

Bitcoin (BTC) is down 3.8% in the past 24 hours and is down 0.6% since midnight. The current price at the time of writing is $23,940 on crypto exchange Coinbase and €23,555 on the Dutch exchange bitvavo. Trading volume increased by 18.8% in the past 24 hours. The total market cap of bitcoin at the time of writing is $457 billion and bitcoin dominance stands at 40.2%.

Bitcoin news from yesterday

Is the bitcoin relative strength indicator breaking out?

Today we look at an interesting analysis of Twitter user ‘Trader Tardigrade’. He notices that the Relative Strength Index (RSI) of the three-day bitcoin chart is poised to break out. In the past we saw that this is a very bullish signal, as in the past it has led to a significant bull run led.

The RSI tested a downward trendline four times each and a breakout of the price followed on the fifth time. At the moment we see that we have already had the fourth test and the price seems to be slowly making the breakout. So, according to the analyst, we may see a significant increase again.

Premium Crypto Analysis of the Day: Polkadot (DOT)

Last week, analysts at the Discord Community from Crypto Insiders grabbed the chart of polkadot (DOT). Analysts had expected a rise that would take the price from $7.80 towards $9,635 as an Elliot Waves pattern 1235 was created. The 127.2% fibonacci came in at this level and this sell zone was hit perfectly. A new analysis for DOT is currently available in our premium environment. Here the analysts share where they think the price will go next.

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Image 1: The above DOT analysis was shared on August 11 in our Discord area for members.

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Disclaimer: Investing involves risks. Our analysts are not financial advisors. Always consult an advisor when making financial decisions. The information and tips provided on this website are based on our analysts’ own insights and experiences and are for educational purposes only.

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