xtlcd：Bitcoin showing early signs of an uptrend

 Recent trading data is showing bitcoin’s price is beginning to register a series of “higher lows,” laying the groundwork for the largest cryptocurrency by market capitalization to begin rising again.

A higher low signals that the present day’s low price is higher than the previous low price for an asset. When this occurs, it signals that more buyers are willing to acquire an asset at progressively higher prices. BTC’s price is 7% higher than the low of $18,157 made on Sept. 21, and has made higher lows in six of the next nine trading days.

The other element of an emerging uptrend would be a series of “higher highs,” which has not occurred to the same degree. From the identical starting point (Sept. 21), BTC made higher highs in just three of the next nine trading days.

Bullish investors may potentially take this development with other indicators to advance their narrative. Using Sept. 21 as an anchor point shows that the relative strength index indicator over the same time period increased by 27%. RSI is a technical indicator often used as a proxy for price momentum.

Bitcoin has also been outperforming a number of its peers recently, most notably ether, whose price peaked on Sept. 8 and has declined 19% since then. BTC has recently outperformed Cardano’s ADA, XRP and Polygon’s MATIC, implying that bitcoin remains the asset of choice for investors seeking digital asset exposure.

Neutral to bearish investors are likely viewing the recent development relative to its current “point of control.” An asset’s point of control represents an area of high price activity over time. It essentially indicates where significant price agreement occurs, and is often used to indicate support or resistance.

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