BTSE Token Near All-Time Highs Despite Broader Market Pullback
In the face of a minor market dip this week, BTSE Token continues to close in on its all-time high price of $2.80.
Traders will note that last week's resistance zone has broken and become the new support zone shaded in blue. The final resistance zone is now at the all-time high price of $2.80, above which there is no more resistance.
Bulls will note that the 14-day RSI is approaching 80, a level commonly used by traders as a sign that a trend has sufficient bullish momentum to fuel further upside.
Short-term traders might be watching for RSI support at the 70 level, with the more medium-term traders potentially holding off for RSI support back at the blue support zone at ~50.
Bears, on the other hand, might perceive the inflated RSI as an indication of overbought conditions. Bearish traders may use a break below 70 on the RSI as a signal of a short-term top and an opportunity to go short.
Traders should also note that almost every BTSE Token holder is in profit. If the current price breaks above $2.8, every token holder will be in profit. This gives way to a dynamic where all of the upside resistance falls away as the market ventures into 'blue sky' territory.
As continued demand for the token fuels the bid, the extent of further upside may depend, in part, on the strength of the hands of the current BTSE Token holders.
That's it from me this week - I wish you all a terrific day and a great weekend.
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