BTC/USD Trades Near June High but RSI Holds Below 70
Updated
BTC/USD trades near the June high ($31410) ahead of a major US holiday, but the recent advance in Bitcoin has failed to push the Relative Strength Index (RSI) into overbought territory.
BTC/USD Outlook
BTC/USD consolidates after registering a fresh yearly high during the previous month, with a break above the June high ($31410) opening up the $33770 (78.6% Fibonacci extension) region.
However, the RSI may diverge with price as the oscillator holds below 70, with a move below $29140 (38.2% Fibonacci extension) bringing the $27470 (23.6% Fibonacci extension) to $28110 (23.6% Fibonacci retracement) area on the radar, which incorporates the 50-Day SMA ($27799).
Will keep a close eye on the moving average as it no longer reflects a positive slope from earlier this year.
BTC/USD Outlook
BTC/USD consolidates after registering a fresh yearly high during the previous month, with a break above the June high ($31410) opening up the $33770 (78.6% Fibonacci extension) region.
However, the RSI may diverge with price as the oscillator holds below 70, with a move below $29140 (38.2% Fibonacci extension) bringing the $27470 (23.6% Fibonacci extension) to $28110 (23.6% Fibonacci retracement) area on the radar, which incorporates the 50-Day SMA ($27799).
Will keep a close eye on the moving average as it no longer reflects a positive slope from earlier this year.
Note
Despite BTC/USD registering a fresh yearly high ($31506), RSI is still below 70. BTC/USD seems confidence between $29140 (38.2% Fibonacci extension) to $31840 (61.8% Fibonacci extension) amid the flat slope in the 50-Day SMA ($28028).
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