Bitcoin signals historic bottom, analyst says
CryptosRUs, a popular cryptocurrency YouTuber with over 666,000 subscribers, believes several technical and fundamental indicators suggest the bottom is near for Bitcoin.
In a livestream video on Oct. 11, CryptosRUs analyzed the latest crypto market trends and pointed out signs that Bitcoin is oversold and due for a rally.
One of the key indicators CryptosRUs highlighted is the Relative Strength Index (RSI), a technical analysis tool that measures whether an asset is overbought or oversold. The RSI for Bitcoin recently hit low levels, indicating the cryptocurrency is oversold.
“This is one of the most basic indicators out there for charts. RSI measures whether or not Bitcoin is oversold or overbought. […] We’re oversold.”
CryptosRUs, YouTube analyst
CryptosRUs pointed out that the RSI is signaling similar conditions now as during previous Bitcoin bottom formations.
In addition to RSI, CryptosRUs examined Bitcoin’s long-term support levels on logarithmic charts. He noted that despite a recent drop below the key support level around $20,000, Bitcoin has rebounded and is holding support.
“Every single time when Bitcoin is recovering from bottom, it tests and tests that support line. […] Every time it drops below it and then it goes up on a parabolic run. […] That’s where we are. Right. We drop slightly below that support line, but it looks very similar to all previous times.”
CryptosRUs, YouTube analyst
Maintaining critical long-term support levels indicates ongoing strength in Bitcoin’s price structure. CryptosRUs believes this further confirms the cryptocurrency is close to finding a durable bottom.
CryptosRUs also pointed to recent anti-Bitcoin comments made by CNBC’s Jim Cramer as a tongue-in-cheek indicator. He joked that Cramer has a track record of making overly bearish predictions right before major Bitcoin price increases.
This is also a historic key indicator. I don’t know about historic. I made that up. But, you know, Kramer is a is a key indicator.
CryptosRUs, YouTube analyst
