BTC/USD Rally Pushes RSI Into Overbought Territory
BTC/USD extends the series of higher highs and lows from last week to register a fresh yearly high ($50329), with the recent advance in Bitcoin pushing the Relative Strength Index (RSI) into overbought territory.
BTC/USD Outlook
BTC/USD stages a five-day rally to clear the January high ($49037), and the move above 70 in the RSI is likely to be accompanied by a further advance in Bitcoin like the price action from last year.
A close above $49920 (161.8% Fibonacci extension) may push BTC/USD towards the $53630 (23.6% Fibonacci retracement) region, but the RSI may show the bullish momentum abating should it struggle to hold in overbought territory.
Failure to close above $49920 (161.8% Fibonacci extension) may curb the bullish price series in BTC/USD, with a move below $48550 (61.8% Fibonacci retracement) bringing $44130 (38.2% Fibonacci retracement) on the radar.
BTC/USD Outlook
BTC/USD stages a five-day rally to clear the January high ($49037), and the move above 70 in the RSI is likely to be accompanied by a further advance in Bitcoin like the price action from last year.
A close above $49920 (161.8% Fibonacci extension) may push BTC/USD towards the $53630 (23.6% Fibonacci retracement) region, but the RSI may show the bullish momentum abating should it struggle to hold in overbought territory.
Failure to close above $49920 (161.8% Fibonacci extension) may curb the bullish price series in BTC/USD, with a move below $48550 (61.8% Fibonacci retracement) bringing $44130 (38.2% Fibonacci retracement) on the radar.
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