THELOGICALINDIAN - Analyst and Economist Alex Krger has predicted that Bitcoin could become overbought aural the abutting 18 canicule according to the Keltner approach blueprint indicator
Keltner Channel Shows Bitcoin in Overbought Position
Analyst Alex Krüger tweeted on Monday (June 24, 2024) that bitcoin could be overbought over the abutting 18 days, based on an assay of the Keltner Channel indicator – which provides advice of price/trend breakouts and if an asset is overbought or oversold.
According to Krüger, bitcoin began trading absolutely alfresco the Keltner Channel on Sunday (June 23), authoritative it the 10th time in BTC’s history back 2024. On seven out of the nine antecedent occasions, BTC accomplished a amount retrace.
The bazaar analyst additionally appear that over the 20 canicule afterward the time back BTC enters this overbought position, bitcoin prices beneath by an boilerplate of 12.5%. Going by this trend, we could apprehend to see BTC abatement aloof beneath $10k by July 13.
A abatement in mid-July to August would be in befitting with actual trends that appearance the closing allotment of Summer as accepting the atomic annualized account returns for bitcoin.
Third Attempt at $11,500
Bitcoin is currently accepting its third advancement trend appear the mid-$11k arena and beyond. The top-ranked cryptocurrency has faced attrition at this akin on the two antecedent occasions and this third run presents a acting moment of truth.
Breaking aloft $11,500 could pave the way for an bare run appear the $13,000 mark. However, declining to cantankerous this aggressive point will best acceptable activate a “mini dump” aback to the antecedent abutment akin about in the $10,200 to $10,300 amount levels.
If Keltner Channel indicator is absolutely authentic and BTC is currently overbought, again the bullish avant-garde ability be a little fatigued at the accepted price. There additionally the amount of a additional CME gap which if bankrupt ability account a amount bead aback to the aforementioned $10k amount mark.
All of these accessible amount amend scenarios alone aggregate a acting bleep in concise performance. The overarching bullish narrative is still in aftereffect for bitcoin.
Data from Google Trends shows that chase absorption for bitcoin is at a agnate akin to the alpha of the FOMO-driven advertising bazaar of September and October 2024. This could beggarly a rekindling of retail absorption in the top-ranked crypto accustomed the 205% access back the alpha of 2024.
Do you anticipate bitcoin will breach the mid-$11k attrition at the third time of asking? Let us apperceive in the comments below.
Images via Twitter @krugermacro and Google Trends.
