BitcoinUpdated BTC/USD Trades Near June High but RSI Holds Below 70
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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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.