Bitcoin Continues to Face Overbought RSI Reading
BTC/USD extends the advance from the start of the week to register a fresh yearly high ($35956).
BTC/USD Outlook
BTC/USD stages a three-week rally to keep the Relative Strength Index (RSI) above 70, and the overbought reading in the oscillator is likely to be accompanied by a further advance in Bitcoin like the price action from earlier this year.
A break/close above the $35920 (38.2% Fibonacci retracement) to $36220 (100% Fibonacci extension) region opens up $37770 (78.6% Fibonacci extension), with the next area of interest coming in around the May 2022 high ($40020).
However, failure to break/close above the $35920 (38.2% Fibonacci retracement) to $36220 (100% Fibonacci extension) region may pull the RSI below 70, with a break/close below the $33100 (50% Fibonacci extension) to $33770 (78.6% Fibonacci extension) area bringing the $31170 (38.2% Fibonacci extension) to $31840 (61.8% Fibonacci extension) zone on the radar.
BTC/USD Outlook
BTC/USD stages a three-week rally to keep the Relative Strength Index (RSI) above 70, and the overbought reading in the oscillator is likely to be accompanied by a further advance in Bitcoin like the price action from earlier this year.
A break/close above the $35920 (38.2% Fibonacci retracement) to $36220 (100% Fibonacci extension) region opens up $37770 (78.6% Fibonacci extension), with the next area of interest coming in around the May 2022 high ($40020).
However, failure to break/close above the $35920 (38.2% Fibonacci retracement) to $36220 (100% Fibonacci extension) region may pull the RSI below 70, with a break/close below the $33100 (50% Fibonacci extension) to $33770 (78.6% Fibonacci extension) area bringing the $31170 (38.2% Fibonacci extension) to $31840 (61.8% Fibonacci extension) zone on the radar.
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