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26.01.202316:13 Forex Analysis & Reviews: Bitcoin bulls should be cautious.

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Red lines- bearish RSI divergence

Yellow rectangle- overbought levels

Bitcoin remains in a short-term bullish trend but traders need to be very cautious. The price continues for a second higher high but the RSI did not follow and instead provided a second lower high. Although technically the trend remains bullish, the RSI warns us that it is weakening. Short-term support is at yesterday's low at $22,328. A pull back is justified from current levels. Bulls should be patient for a pull back if they want to open new long positions.

Alexandros Yfantis
Analytical expert of InstaForex
© 2007-2024

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