Bitcoin’s (BTC) explosive rally, which saw the asset hit a record high above $125,000, appears to be losing steam after reaching its final resistance level.
As per an outlook by prominent online cryptocurrency analyst TradingShot, Bitcoin’s current state signals a potential short-term correction before the next major breakout.
This projection is based on the technical formation where Bitcoin was rejected at the higher highs trendline around $126,000 that has guided price action since July 14.
This same trendline has repeatedly acted as resistance, marking the peaks of previous rallies within Bitcoin’s ongoing three-month consolidation phase.
Bitcoin price analysis. Source: TradingView
In a TradingView post on October 7, the analyst noted that the current rejection mirrors earlier patterns seen in mid-July and mid-August, both of which triggered sharp retracements.
At the same time, the four-hour Relative Strength Index (RSI) once again shows a bearish divergence,
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