Technical Analysis: BTCUSD UPDATE

16 feb 2021

BTC broke out of its third descending triangle in its mid term trend, looking to push to the upper side of the channel. RSI is currently at 57, indicating strong bullish momentum but is yet to be close to any overbought reigon. This is on the hourly time frame. So with this being said, there are high probabilities of a break of 50k soon, and with enough buying pressure we could see a permanent extension and find support very soon above 50k.