@broncnutz sir...
Since the start of February month, the price of bitcoin is trending higher. To reach this point, bitcoin broke above a few crucial resistance levels. The bullish trend is surely retraced as it is gaining traction. It has been expected that the bitcoin price will now head to the extensions level as the price has already completed its pullback. And in order to hit the new highs, a pullback is certainly essential.
Bitcoin Technical Analysis and market sentiments...
The long-term 200 Simple Moving Average (SMA) is lower than the 100 SMA that shows that the least resistance can be found on the upside. SMA is basically the sum of the closing price of particular stocks for a time period divided by the total time period. This basically tells us instead of a reverse, it is most likely that we are going to see a continuing upward trend.
However, the Relative Strength Index (RSI), that identifies the condition of oversold or overbought in the trading of an asset, of bitcoin market is going downwards. This means there is still a possibility of another breakdown.
All the best sir...