Bitcoin went on a massive rally, which was caused by speculation about the approval of spot bitcoin ETFs, which sent the price to a new 18-month high of 37,029 on Thursday. The latest rise, however, may be known as pecan, or the RSI and the stochastic index have been in overbought for more than two weeks znch. Given that the price is currently in overbought conditions, the bears could try to reverse towards the low of the 2022 hole at 34,320 points. If it slips below this lower limit, the cryptocurrency could face the previous resistance at the level of 31,827, which was hit so hard in April 2022. Its peak could turn attention to the psychological limit of 30,000. On the other hand, if the price recovers its continued to grow, it could meet resistance at the internal swing low of 37,500 recorded in May 2022. Further attempts at growth could then stop around 40,500, which served as both support and resistance in the first half of 2022. In the future, the resistance from April 2022 at 42,980 points could be seen as a tk pekka for pekonn prices. Bitcoin has been in a steep upward trend since the beginning of January and has recorded several highs in a row. Traders should not rule out a downward correction, however, because Bitcoin seems to be extremely overbought at current levels.
Author of the link: Tm Instaforex
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