Bitcoin jumped from trading in the vicinity of $380, yesterday, to over $420, today. However, the upsurge is already fading as the RSI has started to show a divergence, which indicates lack of momentum. A very similar divergence setup foreshadows the reversal that took place on the 16th.
If price retraces, the pivot zone at $386 is bound to come into play. This level acted as resistance about four times in the past few days, and also as support on the 15th, so this area is very likely to be respected by the market once again.
There is also another important technical level at $375. The market bounced from this level on two separate occasions, once on the 18th and again on the 20th, therefore, this area is of technical significance and should not be overlooked.
Disclaimer: This is not trading/investment advice!
Image Source: 1
Chart source: https://www.okcoin.com
If you liked this article follow us on twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.
As the blockchain ecosystem continues to evolve, modular blockchains are emerging as a promising frontier,…
MetaMask wants its own stablecoin. It’s calling it MetaMask USD (mmUSD). And if the recent…
Spartan’s $250K Lambo Challenge Tops 2025’s Crypto Gambling Prize War with Stake & Betway Crypto…
SharpLink is leaning hard into Ethereum. They buy. They stake. They hold. Ethereum currently trades…
After months of consolidation, Cardano (ADA) is regaining investor attention thanks to renewed forecasts projecting…
Whales are back—and this time, they’re not making noise. Despite the relative calm in prices,…