Bitcoin (BTC) technical analysis:
Trade setup: Trends have reversed to Uptrend and price has surpassed our target of $32K. Now, price is getting very overbought (RSI ~ 80!) near $35K resistance and we could see some profit taking near-term, which is the reason for our Neutral rating. We’re looking for a pullback for another swing entry opportunity. Where could the price pull back to? Nearest Fibonacci retracement levels are 33K (23.6%) and $32K (38.80%). Previously, 1) price broke through the down trendline (blue line in chart), 2) broke above $28K resistance where it got rejected 2x, and 3) broke above 200-day moving average, and most recently 4) broke above $32K resistance.
Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bullish but extremely overbought. (MACD Line is above MACD Signal Line). RSI is bullish (> 55) but extremely overbought (> 80) which could imply that price could briefly pause or pull back if it reaches Resistance.
Support and Resistance: Nearest Support Zone is $32K (previous resistance), then $30K. The nearest Resistance Zone is $35K.
Trade setup: Trends have reversed to Uptrend and price has surpassed our target of $32K. Now, price is getting very overbought (RSI ~ 80!) near $35K resistance and we could see some profit taking near-term, which is the reason for our Neutral rating. We’re looking for a pullback for another swing entry opportunity. Where could the price pull back to? Nearest Fibonacci retracement levels are 33K (23.6%) and $32K (38.80%). Previously, 1) price broke through the down trendline (blue line in chart), 2) broke above $28K resistance where it got rejected 2x, and 3) broke above 200-day moving average, and most recently 4) broke above $32K resistance.
Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bullish but extremely overbought. (MACD Line is above MACD Signal Line). RSI is bullish (> 55) but extremely overbought (> 80) which could imply that price could briefly pause or pull back if it reaches Resistance.
Support and Resistance: Nearest Support Zone is $32K (previous resistance), then $30K. The nearest Resistance Zone is $35K.