Bitcoin has been percolating again. We recently proposed that BTC/USD would rally after completing an inverse head&shoulders. We noted that upside should probably be held to $9000. But even as price approaches $8500, I am scaling out.
BTC/USD Daily Chart
200-day Simple Moving Average (SMA)
- The 200-day SMA is an indicator for the mean of price action essentially from 2018.
- If the market is still in correction mode, we should respect this as resistance.
- Around $8500-$8600, I would anticipate resistance for BTC/USD.
- The RSI is also at overbought levels, which also suggests a pullback is coming.