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March 20, 2023
During a 5 day uptrend, Bitcoin gained a total of $7,860.52, or 38.22%. Bucking the trend and turning lower, Bitcoin is down to $27,963, after ending today at $28,100. Overall, a 0.46% loss or $137.42 today.
The Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Having crossed the upper Bollinger Band® at $26,155, Bitcoin could be headed for an upward correction. On the other hand, note that the RSI is a momentum oscillator that measures changing price movements on a scale of 0-100. In Bitcoin's case, the index has risen above 70, signalling that the asset is overbought.
Overall, looking at the technical analysis landscape, it seems Bitcoin might start pointing upward in the short term.
In the meantime, negative performances are also seen in other markets, Litecoin slips 4.89% to trade around $80.35.
Other assets are showing positive performances as FTX Token soars 9.54% to trade around $1.36.
