The accumulation phase of BTC is intact
The range is drawn with the help of trendlines.
It is highlighted with red and green color, red being the resistance range and green being the support.
Relative strength is gaining but there is one catch,
This indicator works on the relative price of the past few days whichever is set as per the preference. If you see the past few months BTC is in the accumulation phase or phase of consolidation. There was no spur-of-the-moment, therefore the relative strength was at the bottom and since the past few days there impulsive buying which has created a spike in the relative strength. This could be a trap.
It should cross the resistance line and 200 EMA
It is highlighted with red and green color, red being the resistance range and green being the support.
Relative strength is gaining but there is one catch,
This indicator works on the relative price of the past few days whichever is set as per the preference. If you see the past few months BTC is in the accumulation phase or phase of consolidation. There was no spur-of-the-moment, therefore the relative strength was at the bottom and since the past few days there impulsive buying which has created a spike in the relative strength. This could be a trap.
It should cross the resistance line and 200 EMA
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