Bitcoin (BTC) – Daily & monthly charts update
Bitcoin daily: Yesterday bitcoin managed to reclaim the important US$42,500 support but is now trading between this key support level and the massive overhead resistance level, which lies between US$44,000 and US$46,000. This resistance level has been tested three times previously this year but has been rejected on every occasion. Hopefully, it will break through with the fourth attempt.
The daily relative strength index (RSI) is knocking on the daily descending resistance line that comes from October 2021. It has been tested twice this year but has been rejected on both occasions. A daily break of the five-month descending resistance line will be very bullish for BTC.
The other indicator signaling a bullish uptrend in BTC is the stochastic RSI (StochRSI) on the monthly chart, where the two lines are about to cross at the bottom, and hopefully, start a trend reversal to the upside. This crossing of the monthly RSI at the bottom previously happened in February 2019, when BTC was at US$3,400. In just four months after that, the price went up to just under US$14,000. Could this be signaling another massive price spike in BTC and for the rest of the crypto market in the months to come?