Bitcoin (BTC) traders may be experiencing some “extreme panic,†but one analyst argues that practically all the technical metrics point to price upside.
Speaking to Cointelegraph on Dec. 16, Filbfilb, co-founder of trading platform Decentrader, listed more than 20 signs that bullish momentum should be next for Bitcoin.
BTC/USD gained with equities late Wednesday thanks to comments on policy from the United States Federal Reserve.
Reaching $49,300, the pair then began to consolidate below the $49,000 mark, a point at which it remains at the time of writing.
Sentiment, however, has yet to show any faith in the short-term future of BTC price action, with the Crypto Fear & Greed Index at just 29/100 — something Filbfilb believes is misplaced.
“Basically looking at it, I think there is reason to think that there is enough there to think that we could break to the upside and I feel like no trading exposure doesn’t fit the analysis,†he summarized.
An accompanying list of bullish triggers numbered 21 items and included seller exhaustion, miner accumulation and a selection of on-chain metrics.
In the bearish camp, by contrast, were just four — the lost 20-week moving average, 50- and 100-day moving averages, bear signals on the 3-day chart and a “horrible†weekly chart.
His comments chime with those of others in the space, with popular Twitter account TechDev highlighting several other factors to support an imminent price uptick.
Related: Bitcoin sheds ‘dumb money’ as retail buys most BTC since March 2020 crash
https://twitter.com/TechDev_52/status/1471261765489074176?ref_src=twsrc%5Etfw
One of them, the stochastic relative strength index (stoch RSI), has been proven to act as a bull flag at local bottoms throughout Bitcoin’s history.
For Jeff Ross, founder and managing director of Vailshire Capital Management, stoch RSI is now the chart to watch.
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