The Bitcoin(BTC) prices take a sharp turnaround overnight, resulting in a higher price rejection. Will this rejection retest the broken range? Key Technical Points: The BTC prices jumped by 0.98% in the last 24 hours. The price action showcases a shooting star candle forming the previous night, displaying a sudden increase in selling pressure. The 24-hour trading volume of Bitcoin is $42.39 Billion, indicating a drop of 9.40%. Past Performance of BTC As we mentioned in our last analysis, The BTC prices exceed the consolidation range in the daily chart with a jump of 22% over the week. However, the breakout rally struggles to surpass the $25K mark resulting in a shooting star candle, displaying an increase in selling pressure. This bearish turnaround of events makes it difficult for the prices to sustain above the 50-day SMA and might shortly break it to retest the broken range at $22K. Source – Tradingview BTC Technical Analysis BTC price chart shows a significant trading volume, influencing the start of a retest phase that will damage the week-long gains. Hence, the short-term traders can find profit booking a viable option to reenter the post-retest reversal. The RSI indicator takes a neutral standpoint as the slope turns sideways in the nearly overbought zone teasing a potential reversal shortly. Hence, RSI dipping below the halfway line will mark the retest phase. Furthermore, the MACD indicator displays a solid growth in ...
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