Update On Bitcoin: Retesting Previous High but Running Out Of Momentum!

Bitcoin Daily

After finding support at the 0.236 fibonacci retracement, Bitcoin is trying to retest the previous high, but the Volume is much lower this time, the RSI has flattened at the 87 mark and the MACD histogram doesn't seem to get any higher. Notice how a green/support Ichimoku Cloud is forming exactly in the 0.5 and 0.382 retracement area. In the coming days, a sideways movement with a correction toward this area is quite probable, which will also prove that the previous resistance at 4200$ has become our support.

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Moving Averages

On the daily chart we'll still far away from any MA/EMA. Finding support in a future correction at the 200 day MA/EMA (grey) would be very healthy for the market. The trading volume isn't as high as the previous days, but still higher than the days before the spike, which is a good sign.

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Closer look: 4H chart

Double top at 5100$, with a lower low on the RSI; a correction is probably going to happen. We're very far from the 200 MA, which carried us since February 2019. I expect the price and this MA to meet around 4300$, which would fit with the previous 4200$ resistance level.

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