Is Bitcoin Ready For New ATHs? What The Charts Say
Analyst Ali Martinez has identified key technical analysis (TA) indicators suggesting Bitcoin's momentum may be stalling, impacting its potential to reach a new all-time high (ATH). A "Parallel Channel" pattern indicates Bitcoin has been consolidating between two parallel trendlines, with recent price action nearing the upper line, where previous rejections occurred. The Relative Strength Index (RSI) shows divergence, with a peak in the overbought region but a smaller peak in the current price increase, signaling potential bearish conditions. Additionally, the Moving Average Convergence/Divergence (MACD) has experienced a bearish crossover, with the MACD line falling below the signal line. These indicators suggest that Bitcoin's upward momentum is weakening. Currently, Bitcoin's price has pulled back to approximately $105,300 after attempting to break above $106,000.
