Intraday charts are showing initial signs of upside exhaustion.
Bitcoin (BTC) spiked toward an all-time high around $68,950 after a stronger-than-expected U.S. inflation record on Wednesday. The cryptocurrency is now slightly lower, buying and selling around $65,700 at press time, although customers could preserve the price above $63,000-$65,000 into Asian trading hours.
Intraday charts are showing preliminary signs and symptoms of upside exhaustion, which commonly lead to a quick pullback in BTC’s price. For example, the relative strength index (RSI) on the four-hour chart continues to hover close to momentary overbought levels.
Still, upside momentum alerts are improving on each day’s price chart for the first time considering the fact that Oct. 1, which preceded a charge rally from $44,000. This suggests that customers should stay energetic on pullbacks.
Two consecutive day by day closes above an all-time price excessively would yield further upside targets, originally toward $86,000.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.