FX.co ★ Technical analysis on Bitcoin for July 20th, 2023.

Black line -resistance

Red lines- bearish RSI divergence

Blue line- support trend line

Bitcoin is trading around $29,830. Although technically trend remains bullish, recent price behaviour as we explained in previous posts is turning bearish. The fake break out above $31,000 combined with the bearish RSI divergence suggest that price should make a deeper pull back. Price remains vulnerable to a move towards the blue upward sloping support trend line at $27,000. Unless bulls manage to reclaim $31,000, we expect Bitcoin price to slide lower and test the support trend line.