BTC/USD is on track to test the April high ($72727) as it carves a series of higher highs and lows.
BTC/USD Outlook
BTC/USD trades to a fresh monthly high ($70903) as it extends the advance from the start of the week, with the recent rally in Bitcoin pushing the Relative Strength Index (RSI) towards overbought territory.
A move above the April high ($72727) may push BTC/USD towards the March high ($74791), with a break/close above $74170 (50% Fibonacci extension) opening up the $77790 (161.8% Fibonacci extension) to $78330 (61.8% Fibonacci extension) region.
However, lack of momentum to test the April high ($72727) may curb the bullish price action in BTC/USD, with a move below the $62780 (100% Fibonacci extension) to $64850 (23.6% Fibonacci extension) area bringing $57590 (78.6% Fibonacci extension) on the radar.
--- Written by David Song, Strategist at FOREX.com
BTC/USD Outlook
BTC/USD trades to a fresh monthly high ($70903) as it extends the advance from the start of the week, with the recent rally in Bitcoin pushing the Relative Strength Index (RSI) towards overbought territory.
A move above the April high ($72727) may push BTC/USD towards the March high ($74791), with a break/close above $74170 (50% Fibonacci extension) opening up the $77790 (161.8% Fibonacci extension) to $78330 (61.8% Fibonacci extension) region.
However, lack of momentum to test the April high ($72727) may curb the bullish price action in BTC/USD, with a move below the $62780 (100% Fibonacci extension) to $64850 (23.6% Fibonacci extension) area bringing $57590 (78.6% Fibonacci extension) on the radar.
--- Written by David Song, Strategist at FOREX.com