Bitcoin has been slowly grinding up and broke through its all time high, and is now retesting the previous high to see if support will hold. If it can’t, price is going to breakdown.
A diagonal support has formed on the RSI and it has already broken down (circled in red). This is a warning sign that it is losing strength. If it cannot reclaim this trendline then expect further downside.
Bitcoin must bounce at this level or it is going to head down to the $51,000 - $52,000 level.
A diagonal support has formed on the RSI and it has already broken down (circled in red). This is a warning sign that it is losing strength. If it cannot reclaim this trendline then expect further downside.
Bitcoin must bounce at this level or it is going to head down to the $51,000 - $52,000 level.