Medium term
Bitcoin has broken the falling trend channel in the medium long term and reacted strongly up. For the time being, it is difficult to say anything about the future trend direction. The price has risen strongly since the positive signal from the rectangle formation at the break through resistance at 67245. The objective at 84752 is now met, but the formation still gives a signal in the same direction. The currency has support at points 92500 and resistance at points 105500. Positive volume balance, with high volume on days of rising prices and low volume on days of falling prices, strengthens the currency in the short term. RSI above 70 shows that the currency has strong positive momentum in the short term. Investors have steadily paid more to buy the currency, which indicates increasing optimism and that the price will continue to rise. However, particularly for big stocks, high RSI may be a sign that the stock is overbought and that there is a chance of a reaction downwards. The currency is overall assessed as technically positive for the medium long term.
