LONG POSITION

BTC/USD DAILY CHART – BEARISH RSI DIVERGENCE HINTS AT FADING UPSIDE MOMENTUM

BTC/USD appears to be eyeing a push to fresh record highs, as buyers key in on the current all-time high set on February 21 (58321).

However, significant bearish RSI divergence hints at fading bullish momentum and may ultimately trigger a short-term reversal lower, if buyers fail to hurdle the yearly high.

That being said, a significant amount of divergence has been displayed since the start of 2021, with the price of BTC climbing as much as 101%.

Nevertheless, if psychological resistance at 60,000 holds firm, a correction back towards the monthly low (46417) could be on the cards.

Alternatively, a daily close above 60,000 would probably signal the resumption of the primary uptrend and bring the 61.8% (61298) and 78.6% Fibonaccis (66226) into play.










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