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Bitcoin price analysis; See bullish indicators in the market

The upward divergence and the TD9‌ index in both 4-hour timeframes indicate that the price of bitcoin is likely to jump again.

To Report Bitcoin Telegraph, the price of Bitcoin has risen from $ 17,600 to $ 18,400 in the last two days. Currently, the situation of two important indicators shows that Bitcoin is preparing for a leap.

The 4-hour timeframe shows the bullish divergence and the TD9‌ buy signal on the chart. Both indices are usually formed after the increase of sales pressure in the market and the decrease of this pressure, and observing them is considered as an upward sign.

Conceptually, the upward divergence and the buy signal of the TD9 in the 4-hour timeframe are very similar and are usually seen after a sharp price correction.

The upward divergence depends on the Relative Strength Index (RSI). The relative strength index also shows information such as the buying and selling status of an asset. This index has a scale from 0 to 100. If this index is below the range of 35, it means saturation of sales, and if it rises above 75, it indicates saturation of purchases; Now, if this index falls below 35 and then revives, it will cause an upward divergence.

“We saw an upward divergence in the 4-hour timeframe as we revived to above $ 18,150,” said Scott Melker, a digital currency trader.

We all know that there has been a nice uptrend in the relative strength of the relative strength index. The relative strength index is currently pushing the price towards its bearish resistance. If we manage to cross this range, the price will rise to a higher range. I have no intention of closing my own shopping opportunities.

According to reports, many miners and whales reportedly sold their bitcoins last week, boosting sales pressure in the market. In the last two days, the price of Bitcoin has dropped significantly, and this has led to increased sales pressure in smaller timeframes. The 4-hour time frame was one of those time frames.

CryptoISO, one of the leading market analysts, commented on the TD9 buy signal, saying that the signal indicates an excessive increase in sales pressure in the market.

TD9‌, abbreviated to Tom Demark 9, is a indicator of relative strength, buy saturation or sell saturation on the chart. When the previous 9 candlesticks are all lower than the previous 4 candlesticks, the TD9‌ bullish signal is formed.

For example, suppose the price of Bitcoin has fluctuated below $ 19,000 in the last 36 hours. If in a 4-hour timeframe, a candle that closed 52 hours ago is above $ 19,000, we say the TD9‌ buy signal has formed.

When we have the upward divergence and the buy signal of TD9 on the 4-hour chart at the same time, we can say that in the previous 3 days, the market was saturated with strong sales.

Whale clusters show that $ 17,170 and $ 17,700 are two important bitcoin price supports; Therefore, as long as Bitcoin remains above these two levels, there is still a good chance that the uptrend will continue.

In addition to the support we mentioned earlier, the rising volume of Tetra is another upside factor. Tetra is currently worth close to $ 20 billion and is not far behind.

In large exchanges such as Bainance, investors and traders usually withdraw their capital in the form of tetra. Using tetra instead of fiat currencies or other digital currencies allows them to create new positions whenever they want. The release of more Tetris is seen as a positive sign of increased confidence in Bitcoin.


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