Bitcoin Breaks Above $38k But Successfully Breaking This RSI Consolidation Will Give BTC More Upwards Push
According to technical analyst Matthew Hyland, Bitcoin is on the verge of breaking out from a month-long period of consolidation. In order for Bitcoin to escape the current price range it has been stuck in, Hyland explains that it needs to break above a key resistance level on the relative strength index (RSI) indicator.
The Final Boss
Hyland describes this RSI resistance as “the final boss” for Bitcoin in this range. He notes that if Bitcoin can close with a large bullish “God candle” or continue grinding upwards, it would likely clear this RSI bind. Breaking this final boss bind would then “open the door for much higher prices” after Bitcoin’s consolidation period.
Rotating Back to Altcoins
Fellow analyst Koroush AK also notes the importance of Bitcoin successfully breaking $38k. With Bitcoin now using $38k as support rather than resistance, Koroush says the next resistance level is $40k. He advises that if Bitcoin holds above $38k, it’s a good time to rotate back into altcoins, especially ones breaking their own local highs.
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Continued Bullish Momentum
Importantly, Koroush highlights that Bitcoin has not seen a red weekly candle close in nearly two months. This shows Bitcoin’s incredible bullish momentum over the past couple months. Now, if Bitcoin can break through Hyland’s highlighted RSI resistance, it could give the rally further upside impulse and take Bitcoin out of its current range. Holding $38k gives traders an opportunity to ride larger potential Bitcoin and altcoin breakouts.
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