1. Bollinger Bands Indicator:
The current price is trading near the middle line of the Bollinger Band (MB) and appears to be in an uptrend towards the upper band (UP) which is around 69,157.51. If the bullish momentum continues, we may see a test of this level as nearby resistance.
2. Relative Strength Index (RSI):
The Relative Strength Index (RSI) is showing a reading of 75.82, which is close to the overbought zone, indicating that the price may face selling pressure at current levels, and a slight pullback may occur as a correction in case more selling pressure enters.
3. Stochastic indicator:
The Stochastic indicator is showing high readings in the overbought zone (with K and D readings above 80), indicating that the trend may start slowing down soon and a slight pullback or correction to the downside may follow.
4. General trend:
The general trend seems bullish, but there are signs of a possible slight correction in the coming hours, especially if the price fails to successfully break the resistance level at 69,157.51.
Conclusion:
Bitcoin is expected to continue its slightly upward trend to reach the resistance level at 69,157.51, but with the possibility of facing selling pressure that may push the price towards a correction.
If Bitcoin breaks this level and settles above it, we may see further upside. However, if it fails to break, the price may face a slight pullback towards nearby support levels at 68,144.73.
