11.11.201923:19 Forex Analysis & Reviews: Is Bitcoin preparing the next rally?

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Bitcoin vs USD has fallen from $10,000 to $8,700 as a back test of the broken trend line resistance. The RSI has returned to its support trend line and so far it has respected it. This behavior increases the chances of at least a short-term bounce in BTCUSD.

Red line - major resistance

Black lines- bullish divergence and RSI support trend line

BTCUSD is hovering above the downward sloping major resistance trend line. After the big spike up to $10,000 price has been consolidating above the red downward sloping trend line. The RSI is testing the black support trend line and as long as it is above it, I expect price to reverse to the upside and maybe produce a new higher high above $10,000. Resistance is found at $9,100 and at $9,550. Support is at $8,500.

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