Bitcoin (BTC) Likely To Retrace Short Term, Big Picture Remains Intact
Bitcoin (BTC) is expected to retrace after a prolonged rally since the beginning of this month. The 4H chart for BTC/USD shows that the price has entered a rising wedge. We can see that the price has already faced rejection three times at the top of the wedge and is now preparing for a fall. RSI has also entered overbought levels short term and is thus expected to correct in the near future. This should not come as alarming news for investors expecting a reversal. The big picture is still very much intact and Bitcoin (BTC) is starting to begin a new cycle. However, we believe that we may see some downside before sustained long term upside.
The price of Bitcoin (BTC) has climbed atop the 21 EMA after a long time and it is very unlikely that it may fall below it anytime soon. However, there is still plenty of room for the price to fall short term. Volume is starting to rise and interest is returning back to the market. Long term investors are looking for favorable entry points, but…
Read Full Story : Crypto Daily™