FX.co ★ Bitcoin remains in bullish trend but is vulnerable to a pull back.

Bitcoin is trading once again around $49,000 price level. Short-term trend remains bullish as price continues making higher highs and higher lows. The recent double bottom support at $46,000-$46,400 has been respected and not broken. We warned in previous post that bears need to break this support in order for a deeper pull back to start.

Black line - support

Blue lines- bearish divergence

Bitcoin could very soon make new highs towards $52,000. However the RSI provides already bearish divergence signals. A new higher high in price is expected, and we expect with increased interest to see if the RSI provides a new bearish divergence. If this is the case, the chances of a pull back will increase dramatically.