BTC/USD Recovers Ahead of Trendline Support
BTC/USD rebounds ahead of trendline support to take out the December high ($44739).
BTC/USD Outlook
BTC/USD may attempt to test the April 2022 high ($47447) as the upward trend from November remains intact, and a move above 70 in the Relative Strength Index (RSI) is likely to be accompanied by a further advance in Bitcoin like the price action from last year.
Next area of interest comes in around the March 2022 high ($48224) followed by the $48550 (61.8% Fibonacci retracement) region, but failure to clear the April 2022 high ($47447) may keep the RSI out of overbought territory.
Failure to hold above $44130 (38.2% Fibonacci retracement) may push BTC/USD back towards trendline support, with a break/close below $42240 (50% Fibonacci retracement) raising the scope for a test of the 50-Day SMA ($38804).
BTC/USD Outlook
BTC/USD may attempt to test the April 2022 high ($47447) as the upward trend from November remains intact, and a move above 70 in the Relative Strength Index (RSI) is likely to be accompanied by a further advance in Bitcoin like the price action from last year.
Next area of interest comes in around the March 2022 high ($48224) followed by the $48550 (61.8% Fibonacci retracement) region, but failure to clear the April 2022 high ($47447) may keep the RSI out of overbought territory.
Failure to hold above $44130 (38.2% Fibonacci retracement) may push BTC/USD back towards trendline support, with a break/close below $42240 (50% Fibonacci retracement) raising the scope for a test of the 50-Day SMA ($38804).
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