Bitcoin Runs into Strong Resistance on the Weekly.
Recently, 
BTCUSD has been having a bit of a bull run. This is probably because most people were and are still expecting a Spot ETF to be approved. That is, according to mainstream sources.
I'm not sure whether the bull run has finished yet, however, we do have some chart statistics that show Bitcoin will probably have a pullback.
Firstly, the RSI is showing >80 on the Daily at the moment, which is very overbought. In fact, during the bull run, Bitcoin hit an RSI number of 90+ temporarily. To put that into perspective, that is the same RSI number Bitcoin hit when it had its late 2021 bull run.
RSI on the Daily
Secondly, there are two strong trend lines on the weekly chart that Bitcoin has just run into, and its clear they're strong resistance.
Weekly Chart
I have shorted
BTCUSDT at this level, and I'm expecting the price to go down soon. Although, I could be wrong.
BTCUSD has been having a bit of a bull run. This is probably because most people were and are still expecting a Spot ETF to be approved. That is, according to mainstream sources.I'm not sure whether the bull run has finished yet, however, we do have some chart statistics that show Bitcoin will probably have a pullback.
Firstly, the RSI is showing >80 on the Daily at the moment, which is very overbought. In fact, during the bull run, Bitcoin hit an RSI number of 90+ temporarily. To put that into perspective, that is the same RSI number Bitcoin hit when it had its late 2021 bull run.
RSI on the Daily
Secondly, there are two strong trend lines on the weekly chart that Bitcoin has just run into, and its clear they're strong resistance.
Weekly Chart
I have shorted
BTCUSDT at this level, and I'm expecting the price to go down soon. Although, I could be wrong.
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