Since the start of April month, Bitcoin has had a tough time maintaining its pace as after hitting $48,000, the Bitcoin price gradually declined below $45,000, then to $43,000 trading around $40,000. Yesterday the Bitcoin price dropped below $40,000 and even reached the $38,000 level
However, today, the flagship currency bounced back regaining the $40,000 level. This move was followed by Ethereum, XRP, Solana, and Terra among others.
At the time of writing, Bitcoin Price is trading at $40,737 after a surge of 4.39% over the last 24hrs.
Three Indicators Flash Green For Bitcoin
A popular Crypto analyst pseudonymously known as TechDev claims that the three indicators which have historically recorded bull runs for Bitcoin are all signaling green.
The crypto strategist, TechDev, informs his 388,000 Twitter followers about the components of the Bitcoin rally saying, the Nasqad’s relative strength index (RSI), Bitcoin’s vortex cross indicator, and its 1-year HODL (hold on for dear life) wave are all necessary components for Bitcoin rally.
Hence, Vortex cross indicators indicate trend reversals, and 1-Year HODL waves point towards the amount of Bitcoin which has been resting for more than one year. TechDev alerts the traders saying the two of Bitcoin’s most important indicators are waving green when the Nasdaq’s RSI indicates an oversold market
TechDev is of the opinion that apart from the three indicators, there is more for bulls to be optimistic about. He says Bitcoin and the total Altcoin market cap testing is a crucial moving average acting as support just like the US dollar index (DXY) that points towards exhaustion.
According to most analysts, if the US dollar index (DXY) is indicating a downtrend, then it normally suggests strength in other assets.