Bitcoin: Will Pop Or Will It Drop?
Naeem Aslam | Jan 27, 2021 05:38AM ET
Overall, the bull trend is still in place as Bitcoin is still trading above the 50,100 and 200-day SMA on the daily time frame. As long as the price continues to trade above this price, hopes will remain alive for another bull rally. However, if the price breaks below the 50-day SMA and remains below this average, then we may see more weakness.
The RSI has certainly moved away from an oversold and it is now trading near the oversold part. This means that a bull rally may take place.
The near term resistance is at $36 while the support is at 28,726K.
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