Bitcoin hits Fibo retracement allow for near term consolidation

Bitcoin has reached its 50% retracement of the move we saw in 2022 and the new high has been accompanied by a divergence of the daily RSI. This suggests a loss of upside momentum at this key level of resistance and some likely near-term consolidation. The 55-day ma around 28000 is likely to act as near-term support. Longer term we do have some double Fibonacci retracements above the market and just as an observational point I have noted that these tend to act as a magnet for price. So, beyond some near-term consolidation we would expect further upside moves.

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