17.07.202314:46 Forex Analysis & Reviews: Technical analysis on Bitcoin for July 17th, 2023.

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Red lines- bearish RSI divergence

Blue line- support trend line

Black line- resistance

Bitcoin is trading below $31,000. The break out above the $31,000 resistance level was short lived. As we noted in a previous analysis, Bitcoin price is vulnerable to the downside as the RSI is providing bearish divergence signals. Current price action looks like a fake break out. The inability to hold price above $31,000 resistance level is a sign of weakness. Bitcoin is vulnerable to a move lower towards the blue support trend line at $26,700. The RSI is turning lower from overbought levels. Bulls need to recapture $31,000 in order to feel secure, otherwise a pull back at least for the near term is justified.

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