BTC/USD Approaches March High to Push RSI Towards Overbought
BTC/USD approaches the March high ($73791) as it trades to a fresh monthly high ($72727), and a further rise in Bitcoin may trigger another overbought reading the Relative Strength Index (RSI) as the oscillator climbs toward 70.
BTC/USD Outlook
BTC/USD may attempt to break out of the March range as it holds above $65470 (261.8% Fibonacci extension), with a break/close above the $77790 (161.8% Fibonacci extension) to $78050 (38.2% Fibonacci extension) region opening up the $81020 (316.8% Fibonacci extension) to $82210 (50% Fibonacci extension) area.
However, lack of momentum to clear the March high ($73791) may keep BTC/USD within a defined range, with a move below $65470 (261.8% Fibonacci extension) raising the scope for a test of the monthly low ($65571).
A break/close below $62780 (100% Fibonacci extension) opens up the March low ($59675), but BTC/USD may respond to the positive slope in the 50-Day SMA ($59490) as it holds above the moving average.
--- Written by David Song, Strategist at FOREX.com
BTC/USD Outlook
BTC/USD may attempt to break out of the March range as it holds above $65470 (261.8% Fibonacci extension), with a break/close above the $77790 (161.8% Fibonacci extension) to $78050 (38.2% Fibonacci extension) region opening up the $81020 (316.8% Fibonacci extension) to $82210 (50% Fibonacci extension) area.
However, lack of momentum to clear the March high ($73791) may keep BTC/USD within a defined range, with a move below $65470 (261.8% Fibonacci extension) raising the scope for a test of the monthly low ($65571).
A break/close below $62780 (100% Fibonacci extension) opens up the March low ($59675), but BTC/USD may respond to the positive slope in the 50-Day SMA ($59490) as it holds above the moving average.
--- Written by David Song, Strategist at FOREX.com