Leading financial news outlet Bloomberg, which is well-regarded for both its fundamental and technical analysis across markets, believes that one technical chart indicates that a Bitcoin (BTC) bull run could be just around the corner.
According to a recent article by Bloomberg, RIG trend lines, a technical indicator that analyzes the relative strength index (RSI) compared to the momentum gauge, the price of Bitcoin could be gearing up for a multi-week long bull run.
“The momentum gauge crossed the relative strength index (RSI) gauge, which could be indicating a positive price movement is on the horizon,” noted Bloomberg. “Bitcoin’s price rose the past three times the two gauges crossed.”
This is the fourth time the momentum gauge has crossed the RSI gauge in 2018. After each time this has occurred, Bitcoin’s price has risen in the following trading sessions. Notably, the last time this occurred in mid-August, Bitcoin surged over 21% over the next three weeks.
Since making the technical call, Bitcoin’s price has jumped from $6,503 to over $6,700 as bulls regain control. BTC currently has a $116 billion market cap, the largest cryptocurrency in the AltDex 100 Index (ALT100).
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.