Bitcoin Rally Triggers Overbought Reading in RSI
BTC/USD extends the series of higher highs and lows from last week to register a fresh monthly high ($30985), with the recent rally in Bitcoin triggering an overbought reading in the Relative Strength Index (RSI).
BTC/USD Outlook
BTC/USD appears to be on track to test the yearly high ($31826) as it stages a three-day rally, and the move above 70 in the RSI may accompany a further advance in Bitcoin like the price action from earlier this year.
A break/close above $31840 (61.8% Fibonacci extension) opens up the $33770 (78.6% Fibonacci extension) area, but failure to test the yearly high ($31826) may curb the bullish price action in Bitcoin.
Failure to hold above $30490 (50% Fibonacci extension) may push BTC/USD back towards $29140 (38.2% Fibonacci extension), with the next area of interest coming in around $27470 (23.6% Fibonacci extension) to $28220 (23.6% Fibonacci retracement).
BTC/USD Outlook
BTC/USD appears to be on track to test the yearly high ($31826) as it stages a three-day rally, and the move above 70 in the RSI may accompany a further advance in Bitcoin like the price action from earlier this year.
A break/close above $31840 (61.8% Fibonacci extension) opens up the $33770 (78.6% Fibonacci extension) area, but failure to test the yearly high ($31826) may curb the bullish price action in Bitcoin.
Failure to hold above $30490 (50% Fibonacci extension) may push BTC/USD back towards $29140 (38.2% Fibonacci extension), with the next area of interest coming in around $27470 (23.6% Fibonacci extension) to $28220 (23.6% Fibonacci retracement).
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.