Bitcoin's Healthy Pullback
The Bitcoin chart shows several healthy pullbacks. And actually, I am more than happy about yesterday's price action. Let's discuss a few aspects:
- The price has bounced off the VMA trendline perfectly while the trendline remained bullish — precisely what you want to see.
- The price moved away from the upper Bollinger Band, giving it fresh room to breathe.
- Moreover, before yesterday's pullback, the RSI was very close to overbought territories (>70). Now, it is back at some healthier level.
- We could continue the list by looking at other indicators, such as the Stochastic RSI or WillR.
Summarized: This would have been a playbook pullback if Bitcoin had maintained this level and started reversing—and that's how it looks like right now.
