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Bitcoin Struggles Near Resistance; Could Find Support at $55K
Long-term momentum is deteriorating as buyers continue to take profit on rallies.
Bitcoin (BTC) failed to break above resistance around $58,000 on Tuesday. The cryptocurrency is trading around $56,200 at the time of writing. Buyers could return around the $55,000 support level which held during the weekend sell-off.
STORY CONTINUES BELOW
- The relative strength index (RSI) on the hourly chart registered an overbought signal on Tuesday. The RSI is not yet oversold which could keep sellers active towards lower support levels.
- Bitcoin is now below the 100-period moving average on the hourly chart as the short-term trend weakens.
- Stronger support is around $53,000, which has limited price declines over the past two weeks.
- Long-term momentum is deteriorating as buyers continue to take profit on rallies.
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.
