Bitcoin is testing major support at 14200 (61.8% Fibonacci retracement, horizontal overlap support, bullish divergence) and a possible bounce could occur at this level. However there’s strong descending resistance holding price down really well. Only a clean break of this resistance level would add conviction to the rise we’re expecting.
RSI (34) sees bullish divergence vs price signaling that a possible reversal is impending. At the same time, there’s a bearish descending resistance line that needs to be broken to open an upside move.
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