CandleFocus Bitcoin's $80K Rally is Bullish, But Slightly Overstretched as Pullback Risks Still Linger: Godbole
2024-11-11
Author: Content Editor
Bitcoin's recent rally above $80,000 may be overstretched, according to technical indicators. The spread between bitcoin's price and its 200-hour simple moving average is at its highest level since March, suggesting the market has moved too quickly. Additionally, the 14-hour relative strength index has shown bearish divergence, indicating the bullish momentum may be exhausted for now. If prices decline, the first support level is at $78,400, with a potential further decline to $75,000. However, despite these short-term indicators, the broader outlook for bitcoin remains bullish, with a potential rise to $90,000 and higher.
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