Renowned analyst known for his consistent crypto forecasts Matthew Hylandin his tweet addressing his nearly 68,000 followers on Twitter. bitcoin‘of (BTC) evaluated its recent activity.
According to the analyst, Bitcoin (BTC) is reminiscent of previous periods with its current course. This also gives the analyst a possible rallyIt instills the belief that God is at the door. If history repeats itself, it is possible to see new rises in Bitcoin!
Stating that there is a descending bull wedge in Bitcoin, Matthew stated that the RSI is on the verge of breaking down and the MACD indicator lines are very close to the intersection.
#Bitcoin 4 hour time frame + RSI + MACD
🤔 pic.twitter.com/ZRGGL6yWJR
— Matthew Hyland (@MatthewHyland_) February 14, 2022
Stating that Bitcoin’s recent movement is largely similar to the 50% depreciation movement seen last year, the analyst believes that the same situation is at the door for the leading crypto.
These similarities mentioned in Matthew’s tweet yesterday are as follows:
- The previous resistance was tested and rejected. (Red)
- Bottom seen. (green)
- Multi-month RSI output (blue)
- Retested resistance + RSI retracement (orange)
According to the analyst, who stated that the resistance to break is the last question seeking an answer, if the yellow area on the price chart is broken and the expected realization in the current price and indicator movements, a strong rise can occur.
#Bitcoin price action and Daily RSI look similar to the first relief rally after last years 50%+ crash
✅Tested and Rejected previous resistance (RED)
✅Found a bottom (GREEN)
✅Multi-Month RSI breakout (BLUE)
✅Retested Resistance + RSI Pullback (ORANGE)
✅Break Resistance…? pic.twitter.com/F8WxKJulLb— Matthew Hyland (@MatthewHyland_) February 13, 2022
*Not investment advice.