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Bitcoin exhibits ‘extremely bullish signal’ on 2-month Stochastic RSI chart

Bitcoin exhibits ‘extremely bullish signal’ on 2-month Stochastic RSI chart

After a brief rally, the cryptocurrency market is consolidating again in what looks like a continuous loop of good news and bad news for the industry, and Bitcoin (BTC) is no exception, but some of its technical analysis (TA) indicators are suggesting a bullish future for the maiden cryptocurrency.

Specifically, Bitcoin has recently undergone the third Stochastic relative strength index (RSI) bullish crossover on the two-month chart, indicating “an extremely bullish signal in macro view,” as observed by the pseudonymous crypto analyst Trader Tardigrade in a tweet published on February 17.

The Stochastic RSI is the result of using the Stochastic oscillator formula to a set of RSI values instead of standard price data, giving stock market or cryptocurrency traders an opportunity to compare the asset’s closing price to its price range to predict price turning points.

According to the chart, the first such crossover took place in mid-2015, and then it happened again in early 2019, and both times it was followed by a powerful bullish rally of the flagship decentralized finance (DeFi) asset in the long run, which indicates history could indeed repeat itself this time around as well.

Bitcoin Stochastic RSI chart. Source: Trader Tardigrade

Bitcoin price movements

Meanwhile, the price of Bitcoin at press time stood at $23,865, recording a downswing of 2.03% but, at the same time, representing an increase of 9.73% across the previous seven days, as well as a 12.8% gain over the past month, according to the latest data retrieved on February 17.

Bitcoin 30-day price chart. Source: Finbold

It is also worth noting that, according to the information by the blockchain and financial data tracking platform Kaiko, Bitcoin’s correlation with gold last week hit its highest level in nearly two years, indicating that investors are increasingly seeing BTC as a safe haven.

One of them is the author of the best-selling personal finance book ‘Rich Dad Poor Dad,’ Robert Kiyosaki, who has often praised the largest digital asset by market capitalization, placing it side by side with silver and gold as the alternatives to fiat money.

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