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06.02.202318:25 Forex Analysis & Reviews: Bitcoin technical analysis for February 6th, 2023.

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Blue lines- bearish RSI divergence

Green line- support trend line

Bitcoin is trading around $23,000. Price has a small positive slope but it mostly looks like it is moving sideways with no clear upside momentum. Technically trend remains bullish as price continues making higher highs and higher lows. The RSI has warned that a pull back is very possible to be seen soon. The green support trend line remains intact as price respects it and stays above it. So far the recent higher highs in price have been followed by lower highs by the RSI. Usually this leads to a trend reversal in the near term. However in order to confirm such a trend reversal price must break below the green trend line. Support is at $22,650.

Alexandros Yfantis
Analytical expert of InstaForex
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