“Wise to Exit” Bitcoin Long Positions If This Happens

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A bullish Bitcoin technical pattern that has held firm since October 2019 flashed once again this week. It is an uptrend–an ascending channel–wherein BTC/USD’s momentum indicator is making higher highs and higher lows. The so-called Relative Strength Index reverses its uptrend after its tests the upper trendline of the Channel. Similarly, it bounces back after testing the lower trendline of the Channel. On August 25, the RSI fell towards the Channel support once again. The index changed directions to the upside later, confirming itself as “a great entry” for traders that are looking to secure medium-term gains. A similar strategy has earlier played out profitable for bulls – on four separate occasions. Bitcoin eyes an upside move on an upward-moving RSI. Source: TradingView.com, CryptoHamster But there is still a catch. A pseudonymous analyst explains that a renewed selling pressure in the Bitcoin market risks pushing the daily RSI below the…

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