Time To Cash Out? Bitcoin's 4-Hour RSI Triggers Sell Indicator

Bitcoin (BTC) update

The recent price action has seen BTC retracing to the $28,400 level after a failed breakout above $30,000, causing liquidations for both long and short positions.

Bearish Signs: Fake news regarding the approval of Blackrock spot Bitcoin ETF by the US SEC disrupted the upward trend and introduced bearish indicators.

RSI Indicator: Renowned trader Ali Martinez advises selling BTC when RSI exceeds 74.21 and buying when it dips below 30.35. Currently, BTC's RSI stands at 74, relatively high.

Historical Patterns: Analysts are noting historical retracements around 180 days before Bitcoin halving events. Previous cycles show retracements of -25% (2015/2016) and -38% (2019).

Uncertainty: As we approach the 2023 halving, questions arise about whether history will repeat itself. The crypto community is eager but uncertain about Bitcoin's price behavior leading up to the event.

Current Stats: BTC is trading at $28,400, showing profits over various time frames despite bearish factors. However, the sustainability of the current price level remains uncertain.

Stay informed and trade wisely in the ever-changing crypto market! #BitcoinWorld #BTC #crypto2023 #zkevm #sui

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