BTC/USD Rebound Keeps RSI Out of Oversold Zone

BTC/USD retraces the sharp decline from earlier this week to keep the Relative Strength Index (RSI) out of oversold territory.

BTC/USD Outlook

BTC/USD fails to extend the recent series of lower highs and lows as it struggles to close below $53510 (61.8% Fibonacci extension), with a breach above $57590 (78.6% Fibonacci extension) raising the scope for a move towards the $62780 (100% Fibonacci extension) to $64850 (23.6% Fibonacci extension) zone.

A breach above the monthly high ($65580) brings the July high ($70004) on the radar but a close below $53510 (61.8% Fibonacci extension) may undermine the recent rebound in BTC/USD, with a move below $47780 (38.2% Fibonacci extension) opening up the February low ($41856).

--- Written by David Song, Strategist at FOREX.com