Despite trading lower on Monday, bitcoin is up over 10% from the same point last week, withBitcoinThis comes after the world’s largest cryptocurrency edged closer to the $40,000 level, by hitting $38,168.01 during Sunday’s session.
The move saw its 14-day RSI climb to 38, however as on January 18th, price action was simply not strong enough to move past that point. As of now, bitcoin is tracking at 34 on this indicator, and has extended the consolidation between support of $35,470, and resistance of $39,010. Looking at the chart, you can see that the 10-day moving average has begun to slow its downward trajectory, giving way for the potential upside swing.
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I am not surprised to see them growing. It should have happened despite all warnings and negative predictions for cryptos. Those that were patient and caught the dip are in plus now.
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