Bitcoin Price Analysis: RSI Offers Bearish Signal

Bitcoin is looking toppy with the 4H RSI offering bearish signal.

The indicator has penetrated the ascending trendline from January 3 lows, aborting the most popular’s cryptocurrency rise from the January 3 lows near $6,850.

4H chart

RSI’s break of the ascending trendline is accompanied by signs of bullish fatigue – the cryptocurrency has charted multiple candles with notable upper wicks (failure around $9,000) in the last twenty four hours.

So, prices could retrace to the rising trendline, which is currently positioned at $8,647. A move through that support will likely bring $8,460 in play.

If the trendline support on the price chart holds, a bounce back to $9,000 could be seen.