BTC/USD registers a four-day decline for the first time since September, with the recent decline in Bitcoin pulling the Relative Strength Index (RSI) below 70 to indicate a textbook sell signal.
BTC/USD Outlook
BTC/USD trades to a fresh weekly low ($62340) as the RSI continues to fall back from overbought territory, and a break/close below the $62220 (23.6% Fibonacci retracement) to $62780 (100% Fibonacci extension) region may lead to a test of the monthly low ($59675).
Next area of interest comes in around $57590 (78.6% Fibonacci extension) to $59102 (December 2021 high), but BTC/USD may attempt to track the positive slope in the 50-Day SMA ($52279) if it continues to hold above the monthly low ($59675).
Need a move back above $65470 (261.8% Fibonacci extension) to bring the monthly high ($73791) on the radar, with the next region of interest coming in around $77790 (161.8% Fibonacci extension).
--- Written by David Song, Strategist
BTC/USD Outlook
BTC/USD trades to a fresh weekly low ($62340) as the RSI continues to fall back from overbought territory, and a break/close below the $62220 (23.6% Fibonacci retracement) to $62780 (100% Fibonacci extension) region may lead to a test of the monthly low ($59675).
Next area of interest comes in around $57590 (78.6% Fibonacci extension) to $59102 (December 2021 high), but BTC/USD may attempt to track the positive slope in the 50-Day SMA ($52279) if it continues to hold above the monthly low ($59675).
Need a move back above $65470 (261.8% Fibonacci extension) to bring the monthly high ($73791) on the radar, with the next region of interest coming in around $77790 (161.8% Fibonacci extension).
--- Written by David Song, Strategist
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.