Has Bitcoin Turned the Corner?

Written by :

Guest

Published on :

12 February, 2018

After a tumultuous January and rough start to February, could it be that Bitcoin and other cryptocurrencies are beginning to turn the corner?

Bitcoin did managed to hit a six-day high of $9,070.64 on Saturday and was trending upwards Monday following a drop Sunday. Bitcoin was up nearly 40% from last week's low of $6036.

But BTC is still down 39% on a year-to-date basis.

CoinDesk.com offered the following chart to demonstrate a full turnaround might not be in order just yet.

*Throughout the uptrend from Aug 2015 to Dec 2017, the RSI fell to (or below) 30.00 on four occasions (marked by circles). And, in March 2017, the RSI bottomed out just above 30.00. Each time, BTC went on to clock fresh record highs.

*The RSI has never formed a double bottom or turned sideways around 30.00. It has always been a "v" shaped recovery for the RSI.

-Aaron Goldstein, Gambling911.com

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