3 min readBITCOIN (BTC/USD):
Bitcoin was unable to reach new all-time highs (ATH) last week, and we are now trading back within a range, below $70,000. As noted in previous articles, I was interested to see how price action would unfold around the ATH level, which aligned closely with the resistance area marked at $73,500.
A closer look at the technicals shows a newly formed leg. Using a Fibonacci tool, we can see that the price is currently trading in the lower quartile of the range, below the 50% level. The RSI indicator also reveals that price action was rejected at the critical 70% level when it reached the resistance area near the ATH, indicating that the price was indeed overbought.
Author
Risk Disclaimer Disclaimer: The information provided does not constitute, in any way, a solicitation or inducement to buy or sell any of our products.
Any material presented under this section of our website is not intended and should not be considered investment research or investment advice. Any Comments and analysis reflect the views of different external and internal analysts at any given time and are subject to change at any time. The recipient acknowledges that he/she is solely responsible for any trading decisions taken.
Risk warning: Our products are complex financial instruments which come with a high risk of losing money rapidly due to leverage. These products are not suitable for all investors. You should consider whether you understand how leveraged products work and whether you can afford to take the inherently high risk of losing your money. If you do not understand the risks involved, or if you have any questions regarding our products, you should seek independent financial and/or legal advice if necessary. Past performance of a financial product does not prejudge in any way their future performance.
