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02.02.2023 03:35 PM
Near term analysis on Bitcoin after the new higher high.

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Blue lines- bearish RSI divergence

After the FOMC Bitcoin strengthened against the Dollar by making a new higher high at $24,258. Bitcoin price made a new high but the RSI did not follow. As we mentioned in our previous analysis, Bitcoin upside potential from $22,500 was towards $25,000, while the downside potential remains bigger. A move below $20,000 is very probable. Another lower high by the RSI in the 4 hour chart. Another warning for bulls. Recent low at $22,522 is now key support and trend reversal level. At $22,722 we also find important support that if broken we have increased chances of breaking $22,522 also. The weakening up trend according to the RSI should soon provide a reversal. Bulls need to be cautious and protect their gains.

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