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BITCOIN UPDATE: - BITCOIN 4-hour chart, The price has broken above both the bearish trendline and the $20,500 level after rebounding from the 18K area.
Currently, the cryptocurrency is testing the 22K resistance level, and a bullish breakout from this level would pave the way toward 24K. However, the trend seems over-extended. This suggests a bearish pullback toward the $20,500 level – which has now turned into support.
Additionally, the RSI indicator, which had been signaling a massive bullish divergence before the reversal, is now demonstrating a clear overbought signal with values above 70%. This further boosts the probability of a short-term pullback.
This is not a piece of financial advice. All investment made by me is at my own risk and I am held responsible for my own profit and losses. So, do your own research before investing in this trade.
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