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Bitcoin Holds Support, Approaching Resistance Around $60K
The daily relative strength index (RSI) is back in neutral territory after reaching overbought levels earlier this month.
The long-term uptrend in bitcoin (BTC) remains intact, with support around $50,000. However, upside momentum continues to slow as bitcoin consolidates below the $60,000 resistance level.
STORY CONTINUES BELOW
- The daily relative strength index (RSI) is back in neutral territory after reaching overbought levels earlier this month.
- Previous episodes of RSI moving from overbought to neutral resulted in price recoveries along the 50-day volume weighted moving average.
- Traders should monitor the break below trend support on the four-hour chart, which could limit upside around $58,000-$60,000.
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.
