Blue lines- trading range
Bitcoin is trading above $30,000 currently. Price has broken out of the trading range yesterday providing a bullish signal. Price broke above the short-term resistance of $29,000 and is making higher highs now. The RSI has still not made a new higher high relative to the March 14th high. Momentum is bullish in the near term. Price could pull back towards $29,000 as a back test of the break out. Bulls do not want to see price break back inside the trading range. Such price behavior would suggest that the break out was a fake one. A trap. Bulls do not want to see price break below $29,000 and most importantly below $27,800. On a daily basis the RSI is providing another bearish divergence. Bulls need to be cautious.
