Why RSI Stays Above 50 in 2023: Analyzing the Weekly Chart’s Ascending Triangle Pattern
Bitcoin bulls may be frustrated by the recent slow price action, but there are reasons to remain optimistic. Despite the tight range of movement, the bigger picture suggests a bullish bias. Two technical factors indicate potential buying opportunities for Bitcoin or selling opportunities for the US dollar: RSI staying above 50 in 2023 and an ascending triangle pattern on the weekly chart.
RSI Holds Above 50 in 2023: A Bullish Signal for Bitcoin
The Relative Strength Index (RSI) is an important tool to gauge market strength. When the RSI is above 50, it indicates a bullish sentiment. In the case of Bitcoin, the RSI has remained above 50 since the start of 2023, signaling a positive outlook. This consistent level above 50 suggests that any price pullbacks are temporary, and the overall trend remains bullish.
An Ascending Triangle Pattern Points to a Potential Breakout
An ascending triangle pattern is an bullish indicator. It occurs when the price pushes against a horizontal resistance level while forming higher lows. The measured move of this pattern is equal to the longest segment within the triangle. In the case of Bitcoin, this suggests a potential move above the $45k mark.
However, for this breakout to occur, the price action must hold above the $25k level. If it does, it will reinforce the RSI staying above 50 and provide the necessary energy for Bitcoin’s price to break through the horizontal resistance.
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