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Bitcoin Price: Bulls Driven by China as Weekly RSI Nears 2013-Levels

• Cointelegraph

For now, the trend continues up and is looking very strong. Watch those indicators for signs of more strength before divergences become noticeable."

The bull trend continues to look very strong. 13 of the last 15 days have been green leaving the price as of this writing at US$340. The indicators all remain overbought and extremely elevated. A blowoff top seems to be forming but that can take the price much higher than here. As noted, when the indicators start to diverge from price, it could be a top forming for now that has not happened. As the chart below shows all the indicators are at yearly highs. Price has also moved out of the top of the Bollinger Bands, which shows it's moving into an extreme position.

The daily chart also shows a Golden Cross as the 50 day EMA has moved above both the 100 day and the 200 day EMA. This is a bullish sign. The 100 day EMA is getting close to moving above the 200 as well.


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