2020 breakout all over again? It could be, these BTC metrics suggest.
confirms. This is its lowest reading since early March, just before Bitcoin’s most recent uptick which resulted in the $31,000 peak a month later.BTC/USD 1-day candle chart on Bitstamp with RSI. Source: TradingView
Continuing, Allemann and Happel flagged the Cipher B readings for Bitcoin, these coming from a collection of algorithms that converge to offer signals of, among other things, when to buy dips during bull markets.Finally, the appropriately-named Bitcoin Risk Signal is back at its September 4, 2020 position. Risk Signal predicts the likelihood of a major BTC price drawdown, and at that time saw a spike to “high risk” before receding.Bitcoin Risk Signal chart.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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