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Just 4 negative signs listed among the 21 factors that call for Bitcoin's price to rise

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According to Decentrader's filbfilb, there is cause to believe that the BTC upswing continues at $49,000.

Bitcoin (BTC) traders may be in a state of "extreme panic," though one analyst claims that practically all technical indicators lead to a price hike.

On December 16, filbfilb, co-founder of trading platform Decentrader, compiled a list of more than 20 signs showing Bitcoin is about to enter a bullish phase.

"Enough there" for Bitcoin's upward breakthrough

BTC/USD surged along with equities on Wednesday, due to comments from the US Federal Reserve on policy.

After reaching $49,300, the pair started to combine below the $49,000 level, where it currently remains.

Sentiment, on either side, has still to express any belief in the short-term future of BTC price action, with the Crypto Fear & Greed Index resting at just 29/100, which filbfilb thinks is incorrect.

"Basically looking at it, I think there is reason to think that there is enough there to think that we could break to the upside and I feel like no trading exposure doesn't fit the analysis,"  he concluded.

An associated list of bullish signals comprised seller exhaustion, miner consolidation, and a range of on-chain indicators.

The lost 20-week moving average, 50 and 100-day moving averages, bear signals on the 3-day chart, and a "horrible" weekly chart were all on the bearish side.

 Stoch RSI identifies a unique bottoming trend

His comments match those of others in the sector, with the famous Twitter account TechDev outlining various additional factors that lead to an impending price rise.

The stochastic relative strength index (Stoch RSI) has been shown throughout Bitcoin's history to serve as a bull flag at local bottoms.

The Stoch RSI chart is now the chart to watch, according to Jeff Ross, founder and managing director of Vailshire Capital Management.


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