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Bitcoin Stabilizes at Support; Faces Resistance Around $50K-$53K
BTC continues to consolidate and is now at the bottom of a three-month range.
Bitcoin (BTC) buyers continued to defend support around $42,000 on Monday. The sell-off that began last week appears to be weakening as the cryptocurrency registers oversold signals. However, upside appears limited towards $50,000-$53,000 resistance.
STORY CONTINUES BELOW
The cryptocurrency was trading around $45,000 at the time of writing.
- The relative strength index (RSI) on the four-hour chart is now oversold similar to the last week in April, which preceded a price bounce.
- The RSI is also oversold on the daily chart and is neutral on the weekly chart, which could signal a brief price recovery as sellers capitulate.
- Initial resistance is around $50,000 and then at the 100-period moving average on the four-hour chart at $53,000.
- Bitcoin continues to consolidate and is now at the bottom of a three-month range. The broader uptrend remains intact, albeit vulnerable to sharp swings and frequent drawdowns.
Damanick Dantes
Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.
