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16.02.202315:20 Forex Analysis & Reviews: Bitcoin analysis for February 16th, 2023.

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Red line -horizontal resistance

Black lines- Bearish RSI divergence

Bitcoin is in a bullish mode making new highs close to $25,000. Price broke above all short-term resistance levels and provided several bullish signs over the last couple of days. Price has reached the horizontal resistance level of $25,000 where we saw it getting rejected back in July. Despite the new higher high in price, the RSI is lagging behind providing a bearish divergence. Over the last 7-8 months Bitcoin has made no real progress as price has mostly moved sideways. Recapturing $25,000 would be a sign of strength and could be a promise for higher levels towards $30,000. Support at recent low of $21,383 becomes even more important now that price is making new higher highs.

Alexandros Yfantis
Analytical expert of InstaForex
© 2007-2024

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