A well-known bitcoin trader is of the opinion that the 200-week moving average (200WMA) and the relative strength index (RSI) of bitcoin (BTC) are indicating a bullish trend.
One analyst pseudonymously known as Plan B informed his 1.9 million Twitter fan base that although bitcoin’s 200-week moving average (WMA) is suggesting a decline, he confirmed the RSI. is waiting.
Plan B presents a chart containing the following data
- Ehsaas/200WMA shows how minute the 2021 bull market was compared to 2013 and 2017.
- After China banned mining during the summer of 2021, bitcoin was on the bullish side again and the RSI was trending upward
- However, during November/December 2021, the RSI broke down and this was the end of a bull run.
- Currently, Realized/200WMA is showing a downside signal.
What do the indicators say?
Weekly moving averages are the technical standard through which inventors and traders know price volatility by creating a regularly updated average price. On the other hand, the relative strength of bitcoin is an indicator that measures the candlestick movement of the currency for 14 days.
Taking a detailed study of bitcoin’s 200WMA, Plan B says, the major currency is currently in the right position.
Strategist confirms that world’s first cryptocurrency has reached 200 WMA and real price level and when bitcoin was trading at $22,000 says let’s wait and see if currency holds at this level
And it also says that if the price of bitcoin trades at $24,800, it will set the RSI to 45. will return to
As per Plan B, as mentioned above, the RSI is currently below 45 and he thinks this is the time when the RSI should go back to a bullish trend.
Will the price of bitcoin reach $100 in four years?
Analyst, Plan B posted a Twitter poll to his 1 million followers where he asked, what will be the value of bitcoin in the next four years?
There was an answer in the poll where 85% of the voters claimed that bitcoin will hit the all-time high above the $100k price level in the next 4 years.
Bitcoin has currently fallen below the $22k level and is changing hands at $21,715, up 0.29% over the past 24 hours.
