BTC/USD Breakout Triggers Overbought RSI Reading
BTC/USD clears the May 2022 high ($40021) after breaking out of an ascending triangle, with the Relative Strength Index (RSI) climbing above 70 to indicate an overbought reading.
BTC/USD Outlook
BTC/USD extends the advance from the start of the month to register a fresh yearly high ($42154), with a break/close above the $41270 (100% Fibonacci extension) to $42240 (50% Fibonacci retracement) region raising the scope for a move towards the April 2022 high ($47447).
The move above 70 in the RSI is likely to be accompanied by a further advance in BTC/USD like the price action from earlier this year, but lack of momentum to break/close above the $41270 (100% Fibonacci extension) to $42240 (50% Fibonacci retracement) region may generate a textbook sell-signal in the oscillator.
Failure to hold above the May 2022 high ($40021) may push BTC/USD back towards $37770 (78.6% Fibonacci extension), with the next area of interest coming in around $35020 (61.8% Fibonacci extension) to $35920 (38.2% Fibonacci retracement).
BTC/USD Outlook
BTC/USD extends the advance from the start of the month to register a fresh yearly high ($42154), with a break/close above the $41270 (100% Fibonacci extension) to $42240 (50% Fibonacci retracement) region raising the scope for a move towards the April 2022 high ($47447).
The move above 70 in the RSI is likely to be accompanied by a further advance in BTC/USD like the price action from earlier this year, but lack of momentum to break/close above the $41270 (100% Fibonacci extension) to $42240 (50% Fibonacci retracement) region may generate a textbook sell-signal in the oscillator.
Failure to hold above the May 2022 high ($40021) may push BTC/USD back towards $37770 (78.6% Fibonacci extension), with the next area of interest coming in around $35020 (61.8% Fibonacci extension) to $35920 (38.2% Fibonacci retracement).
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