BTC/USD Rebound Pulls RSI Out of Oversold Zone
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BTC/USD consolidates after registering a fresh monthly low ($25377) last week, with the recent rebound in price pulling the Relative Strength Index (RSI) out of oversold territory.
BTC/USD Outlook
Keep in mind, BTC/USD snapped the upward trend from earlier this year after failing to defend the opening range for August, with a breach below the June low ($24763) raising the scope for a move towards the $24190 (50% Fibonacci retracement) area.
However, the RSI may continue to show the bearish momentum abating as it no longer reflects an oversold reading and holds above 30.
In turn, BTC/USD may stage a larger rebound going into September, with a move above the $27470 (23.6% Fibonacci extension) to $28220 (23.6% Fibonacci retracement) region bringing $29140 (38.2% Fibonacci extension) back on the radar.
BTC/USD Outlook
Keep in mind, BTC/USD snapped the upward trend from earlier this year after failing to defend the opening range for August, with a breach below the June low ($24763) raising the scope for a move towards the $24190 (50% Fibonacci retracement) area.
However, the RSI may continue to show the bearish momentum abating as it no longer reflects an oversold reading and holds above 30.
In turn, BTC/USD may stage a larger rebound going into September, with a move above the $27470 (23.6% Fibonacci extension) to $28220 (23.6% Fibonacci retracement) region bringing $29140 (38.2% Fibonacci extension) back on the radar.
Note
With BTC/USD approaching the $27470 (23.6% Fibonacci extension) to $28220 (23.6% Fibonacci retracement) region, interested to see if it responds to the trendline from earlier this year as it previously acted as support.
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