Key Points:
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Bitcoin is aiming to collect $120,000 as it continues to be bullish with the Wall Street Open.
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Traders are keen on price discovery and consider this more and more likely.
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RSI is expensive at the price without causing a sustained support retest.
Bitcoin (BTC) approached $120,000 at the Wall Street Open on Thursday.
Bitcoin traders prepare to discover price
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD earned an additional 1% that day.
With no large pullbacks overnight, the pair solidified their support in order to get closer to price discovery after more than six weeks.
Reacting popular trader and analyst Rekt Capital stressed that even the merger move will only be retested $117,000.
“Bitcoin is closed above $117.3K (blue) every day,” he wrote along with X’s description chart.
“If necessary, soaking in blue constitutes a retest after blueout and fully confirms reentry into the $117.3K-$120K blue black range.”
Popular trader gel was equally keen to see a higher new move from new support.
“So far, Bitcoin is moving as planned,” he told X followers, updating its $118,000 strategy as a major breakthrough level.
“Take $118K from here and there’s the new all-time high next. Up-to-Ball is here.”
fellow trader Bitbull suggested that the revised price action over the past six weeks has ended.
“$BTC has now achieved a high high in the daily time frame, which is a great indication that the downtrend is over,” he commented.
“What I want now is closings above $118K each day, and new ass is happening soon.”
The best BTC price ever “the only thing missing”
Previously, Cointelegraph reported initial signals from the relative strength index (RSI) that entered the “overbuy” area in a short time frame.
Related: Bitcoin’s Next “Explosives” Movement Target $145K BTC Price: Analysis
On the four-hour chart, the RSI has since made a slightly higher height, reaching 82.3, the most “over-purchased” since mid-July.
Discussing RSI, Caleb Franzen, creator of Financial Research Resources, was the creator of Cubic Analytics, who argued that a new all-time high was still likely thanks to previous bullish divergence.
“After all the bullish RSI differences in the 1, 2 and 4 hour time frame, I think this will be slower,” reads part of the X post.
Franzen added that BTC/USD exceeded the Volume Weighted Average Price (AVWAP), a representation of the average price weighted by volume over a given period.
He concluded that the price discovery is now “the only thing missing” from the bullish mix.
This article does not include investment advice or recommendations. All investment and trading movements include risk and readers must do their own research when making decisions.