The price of Bitcoin (BTC) appears to possibly move toward $6,800 in the short-term, following the technical indicators bullish increase in the past 24 hours.
As a matter of example, the 14-day relative strength index (RSI), responsible for quantifying the speed and alteration of price movements, has increased to 59.04 which is the highest level since Sept. 4.
A reading beyond 50 shows that bullish pressures are acting on the asset. Hence, it looks okay to comment that the bitcoin is appearing its most bullish for two months.
BTC is trading at $6,510 on Coinbase as at the time of press, which indicates a $100 or 1.5 percent profit on a 24-hour basis.
As the strong RSI is supporting the bulls, technical analysts may deliberate about referring to a bullish measure on the basis of that alone is kind of risky, while the indicator sometimes brings out signals that are fake.
Notwithstanding, in this situation, some BTC indicators are also partial toward the bulls, hence providing the RSI more reliability.
- The odds are more concentrated in favor of a recovery to $6,800 in the short-term.
- The initiation of the long expected bullish reversal could be marked by a break beyond the 50-day simple moving average (SMA) of $6,642 on the 3-day chart.
- The bullish pressure would reduce with a UTC close below the increasing (bullish) 10-day EMA of $6,400.