Ascending signs on the one-day chart

The relative strength index (RSI) in the 1-day view of the Bitcoin market has just emerged from the saturation zone, and the MACD indicator is on the verge of forming an uptrend after a long time. However, in the longer term, the status of these two key indicators continues to decline.

To Report Bitcoin Desk, Bitcoin still fluctuates around $ 30,000; The level that is close to the fluctuation range of the past year of this digital currency. Bitcoin has been able to stabilize its position to some extent in these few days. If the market continues to rise, resistance at $ 33,000 and $ 35,000 could prevent prices from jumping to higher levels.

Bitcoin grew by 2% yesterday and has lost 24% of its value in the last 30 days. The increase in sales pressure last week caused the short-term downward trend of prices to be wider and the market to be in a state of saturation.

As can be seen from the image above, the relative strength index in the 1-day Bitcoin / Dollar market outlook has recently returned to a high in terms of sales saturation. It is worth mentioning that the return of RSI from the saturation zone started on May 12 (May 22) and after the price fell to the level of $ 25,300. Signs of market saturation are usually seen before the price rises; Just like what we saw in late January.

In addition, in the 1-day view of the Bitcoin market, the Makdi index is on the verge of forming an uptrend for the first time since March (March 1400). Momentum indices (RSI and MACD) in the weekly and monthly views of the Bitcoin market continue to decline, which means that if the price is to continue to rise, the jump is likely to be limited.