3 min readBITCOIN (BTC/USD):
As previously noted, Bitcoin’s price has been fluctuating between $50,000 and $70,000 for an extended period. Currently, there appears to be little certainty about which direction the price will move. However, it seems that there has been an attempt to reclaim support at the key psychological level of $60,000.
Taking a closer look at the technicals reveals a newly formed descending trend line, which could potentially act as resistance if price moves back into the $65,000 region. At the moment, there are no indications that the current upward movement is overbought on the RSI indicator; in fact, the RSI is trading fairly flat around the 50% level. Additionally, we have broken above the daily 50 EMA and appear to be holding this area as support.
Author
Risk Disclaimer
