20.03.202317:42 Forex Analysis & Reviews: Short-term technical analysis on Bitcoin for March 20th, 2023.

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Green line- support trend line

Blue lines- bearish RSI divergence

Bitcoin is trading around $28,000. Short-term trend remains bullish as price continues making higher highs and higher lows. Price continues to trade above the green upward sloping trend line. As long as this is the case trend remains bullish. Despite making new higher highs, the RSI continues to provide lower highs. The RSI provides a warning to bulls. The RSI has provided 4 lower highs when price was making 4 higher highs. The bearish divergence is a warning that bulls should not ignore. A break below the green support trend line combined with the bearish divergence, increases the chances of the creation of an important top. Bulls need to protect their gains as Bitcoin has managed to rise significantly over the last 10 days.

Alexandros Yfantis
Analytical expert of InstaForex
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