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 content provided here is for informational purposes only. It is not intended as personal investment advice and does not constitute a solicitation or invitation to engage in any financial transactions, investments, or related activities. Past performance is not a reliable indicator of future results.
The financial products offered by the Company are complex and come with a high risk of losing money rapidly due to leverage. These products may not be suitable for all investors. Before engaging, you should consider whether you understand how these leveraged products work and whether you can afford the high risk of losing your money.
The Company does not accept clients from the Restricted Jurisdictions as indicated in our website/ T&C. Some services or products may not be available in your jurisdiction.
The applicable legal entity and its respective products and services depend on the client’s country of residence and the entity with which the client has established a contractual relationship during registration.
The financial products offered by the Company are complex and come with a high risk of losing money rapidly due to leverage. These products may not be suitable for all investors. Before engaging, you should consider whether you understand how these leveraged products work and whether you can afford the high risk of losing your money.
The Company does not accept clients from the Restricted Jurisdictions as indicated in our website/ T&C. Some services or products may not be available in your jurisdiction.
The applicable legal entity and its respective products and services depend on the client’s country of residence and the entity with which the client has established a contractual relationship during registration.
