Looking at the current analytics of bitcoin it can be assumed that bitcoin is showing a bullish diversion also looking at the daily bitcoin chart if you look at the MACD it is showing a bullish crossing not only this the crypto fear and greed index shows that the market is on extreme fear and whenever this happens we have seen that the market shows a big pump also all the indicators are bullish.
What will be the next move of bitcoin?
Will we all see a major bitcoin pump and not other alt coins pump or will we see a big alt season
It can be seen that bitcoin is moving in a channel and the resistance zone of this channel is coming around 48.5k and if it breaks this resistance to 49k we will see a major pump in bitcoin. Currently bitcoin is making lower highs and lower lows and as soon as it start making a higher high we can say that bitcoin will is in its bullish zone to do so it have to break the resistance of 48.5k to 49k.
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Value of RSI
As of current scenario the value of RSI is showing an upward trend and the price is showing a downward trend and whenever this happen we call it as bullish diversions and this is in the 6 hour chart. It can be assumed that in the next 1 or 2 weeks you can experience quite a good pump in the price because of this bullish diversions.
As we have seen earlier during the last bullrun the same thing happened as the value of RSI went to oversold zone and as per my knowledge the price of bitcoin can boom upto 60k$ or more but if we see a rejection then there is no doubt that the price can go down.
Market fear and greed index
During the last pump the market was on extreme fear and when it happens it is the best time to buy and make a good profit out of it.
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