Crypto trader and analyst Scott Melker is offering three signals indicating that Bitcoin (BTC) is likely bottoming out and could see some upside in price soon.
In a new tweet, Melker tells his 459,500 followers that the world’s flagship crypto asset is printing a candle which suggests that a market reversal may be on the horizon.
“BTC Weekly: Likely to close as an imperfect inverted hammer. Technically, a potential bullish signal when found at the bottom of a downtrend. Requires confirmation with a bullish candle the following week.”
Melker also zooms in and finds bullish signals coming from the relative strength index (RSI), which measures the momentum of price swings to determine when an asset is overbought or oversold. According to the crypto trader, the RSI is starting to show an increase in buying pressure even as price flash signs of weakness.
“BTC Daily: Confirming the bullish divergence that I mentioned yesterday,