Bitcoin Rally Triggers Overbought Reading in RSI
BTC/USD extends the series of higher highs and lows from last week to register a fresh monthly high ($30985), with the recent rally in Bitcoin triggering an overbought reading in the Relative Strength Index (RSI).
BTC/USD Outlook
BTC/USD appears to be on track to test the yearly high ($31826) as it stages a three-day rally, and the move above 70 in the RSI may accompany a further advance in Bitcoin like the price action from earlier this year.
A break/close above $31840 (61.8% Fibonacci extension) opens up the $33770 (78.6% Fibonacci extension) area, but failure to test the yearly high ($31826) may curb the bullish price action in Bitcoin.
Failure to hold above $30490 (50% Fibonacci extension) may push BTC/USD back towards $29140 (38.2% Fibonacci extension), with the next area of interest coming in around $27470 (23.6% Fibonacci extension) to $28220 (23.6% Fibonacci retracement).
BTC/USD Outlook
BTC/USD appears to be on track to test the yearly high ($31826) as it stages a three-day rally, and the move above 70 in the RSI may accompany a further advance in Bitcoin like the price action from earlier this year.
A break/close above $31840 (61.8% Fibonacci extension) opens up the $33770 (78.6% Fibonacci extension) area, but failure to test the yearly high ($31826) may curb the bullish price action in Bitcoin.
Failure to hold above $30490 (50% Fibonacci extension) may push BTC/USD back towards $29140 (38.2% Fibonacci extension), with the next area of interest coming in around $27470 (23.6% Fibonacci extension) to $28220 (23.6% Fibonacci retracement).
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