Bitcoin (CRYPTO: BTC) was trading mostly flat during Sunday’s 24-hour session in continued consolidation after surging 15% over the course of Wednesday and Thursday’s sessions.
The consolidation is helping to keep Bitcoin’s relative strength index (RSI) from soaring up into overbought territory at the 70% mark.
Bitcoin has gained 19% since the beginning of July, which caused the crypto’s RSI to correct from 29% on July 1 to the 60% level as of press time. The momentum coming back into Bitcoin has caused the fear and green index measurement to improve slightly from “extreme fear” in June, measuring in at 11, to “fear” in July, measuring in at 39.
Bitcoin Fear and Greed Index is 39. Neutral
Current price: $23,799 pic.twitter.com/23MtonSeom
— Bitcoin Fear and Greed Index (@BitcoinFear) July 31, 2022
The crypto’s consolidation phase is taking place in an inside bar pattern on the daily chart. An inside bar is usually followed by a continuation move in the direction of the current trend.
An inside bar pattern has more validity on larger time frames (four-hour chart or larger). The pattern has …
Full story available on Benzinga.com