18.01.202316:29 Forex Analysis & Reviews: Bitcoin justifies a reversal

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Red lines- bearish divergence

Bitcoin is trading around the key horizontal resistance of $21,400-$21,500. Short-term trend remains bullish as price continues making higher highs and higher lows. The RSI provides an important warning that the up trend is weakening significantly as we have second bearish divergence. The upside is limited for the time being. A pull back towards $19,00 is justified and should be expected. Support is at $20,950. A break below this level would signal the start of the pull back.

Alexandros Yfantis
Analytical expert of InstaForex
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