Bitcoin (BTC) started to rally as it bounced off the bottom of the ascending channel it has been trading in since the beginning of the month. BTC/USD was expected to rally towards the top of the channel but this rally has now come to a stop as the bulls have lost control. The 4H chart for BTC/USD shows that the RSI is now due for a sharp pull back in the near future that could pull Bitcoin (BTC) back to its trend line support. The more Bitcoin (BTC) tests this trend line, the higher the probability that it is going to break below it. In case that happens, the price will find support on the 200 EMA to consolidate before its next decisive move.
The price of Bitcoin (BTC) is still overbought on the weekly time frame and more analysts are beginning to realize that the price may not have bottomed yet. The bullish euphoria seen the past few days when the crypto community was calling for the beginning of a new cycle is lost all of a sudden. The Fear and Greed Index that declined to 50…
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