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Bitcoin channels up

This indicator is not helping Bitcoin rise

What's in this article

Bitcoin is knocking at the resistance level of $36,600 again, even once testing the $38,000 digit before.

Bitcoin price today is $36,569.46 USD with a 24-hour trading volume of $30,903,743,306 USD. Bitcoin is up 6.81% in the last 24 hours, with a  market cap of $692,610,853,938 USD. It has a circulating supply of 18,939,600 BTC coins.   

Bitcoin
Source: Tradingview

Bitcoin: Analysis

Whenever a strong bullish rally enters RSI (6) enters into the overbought situation (i.e., 83) as is evident on the hourly chart above. Bitcoin was headed towards $30,000 and it was too obvious so traders opened the short positions there. I think these green spikes are just fake-outs to knock those loose positions out of their trades. Bitcoin can not rise at 80 degrees making higher lows as RSI won’t support it. However, a gradual rise might face resistance at $40,000, and our target of $30,000 remains open.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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