Scott Melker: Bitcoin may experience a near-term retracement
@scottmelker: Bitcoin may retrace soon
Bitcoin, the leading cryptocurrency, might face a price retracement soon, according to crypto analyst Scott Melker.
Melker, known for his insights into market trends, highlights the presence of an ''overbought RSI'' and ''bearish divergence'' on multiple time frames for Bitcoin. These indicators often suggest the potential for an upcoming decrease in price.
While Bitcoin has recently experienced positive momentum, traders should remain cautious as technical indicators may signal a change in market dynamics.
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In the previous news, tweet author Scott Melker discussed cryptocurrency market dynamics with industry leaders.
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