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Bitcoin worth stays resilient regardless of the US greenback’s power
A bullish divergence with the RSI helps Bitcoin’s worth motion
The horizontal consolidation may be a part of a bullish flag sample
That is the final buying and selling week of Q3 2023, and traders have already got plans for the final quarter of the yr. Bets are made each methods of the greenback, particularly since September introduced such a robust rally.
For example, EUR/USD traded in the present day beneath 1.05, because the bearish pattern from 1.12 continued. A lot of the decline was in September.
Buyers purchased the greenback and dumped shares. In spite of everything, the Fed remains to be restrictive and talks hawkish.
However in all this robust greenback setting, there may be one market that, surprisingly, was (comparatively) steady.
Bitcoin.
Bitcoin chart by TradingView
Bullish divergence with the RSI helps Bitcoin’s bullish case
Bitcoin rallied in the beginning of 2023, leaping from beneath $17k to above $30k in April. However after that, a horizontal consolidation began, and Bitcoin couldn’t rally anymore.
Nonetheless, by staying comparatively flat and holding on to most of its positive factors, Bitcoin reveals power not seen in different markets. When the US greenback rallied, Bitcoin held the bottom all this time, albeit it did appropriate a bit from the yearly highs.
A fast have a look at the Relative Power Index (RSI) reveals a bullish divergence that fashioned not too long ago. It helps the bullish case for Bitcoin, and now all eyes are on the higher fringe of the horizontal channel.
Talking of the channel, it might be a part of a bullish flag formation. If that’s the case, a bullish breakout needs to be adopted by a measured transfer equal to the rally seen in the beginning of the yr.
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