BTGUSD: Rounding Bottom
The market looks to have set a rounding bottom where some higher volume activity is seen. Still some distance from the better resistance levels however so if some stability is seen some more work higher is likely.
The RSI indicator has visited overbought levels and is on the retreat. Ideally this indicator should level off to the more neutral 50 zone before the next attempt north is possible. Watch the Bollinger Bands midline at the lower 60's now for first support.
Should market be able to climb over 90 resistance after the expected consolidation the old horizontal support around 148 can be the focus and serves as the more critical resistance now.
The RSI indicator has visited overbought levels and is on the retreat. Ideally this indicator should level off to the more neutral 50 zone before the next attempt north is possible. Watch the Bollinger Bands midline at the lower 60's now for first support.
Should market be able to climb over 90 resistance after the expected consolidation the old horizontal support around 148 can be the focus and serves as the more critical resistance now.
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