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08.02.202315:53 Forex Analysis & Reviews: Short-term analysis on Bitcoin for February 8th, 2023.

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Blue lines- bearish RSI divergence

green line- support

Bitcoin is trading around $23,118. Short-term trend is neutral as price mostly moves sideways. Price has formed a lower high at $23,447 but continues to trade above the key green support trend line. The RSI reached the blue downward sloping trend line and is showing rejection signs. Price formed a lower high and now there are increased chances of a break below the green support trend line. This support is at $22,745. A break below it will open the way for a move towards $21,200 at least.

Alexandros Yfantis
Analytical expert of InstaForex
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