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Bitcoin Approaching Resistance at $48K-$51K, Support at $45K
BTC appears to be overbought, although pullbacks cold be brief.
Bitcoin (BTC) is testing resistance at the 200-day moving average, which could trigger a brief pullback.
The cryptocurrency was trading at about $47,300 at press time and is roughly flat over the past 24 hours.
STORY CONTINUES BELOW
Upside momentum is starting to fade on intraday charts, which could keep buyers on the sidelines into the Asia trading day. Still, lower support at around $45,000 could stabilize pullbacks.
The relative strength index (RSI) on the daily chart is overbought for the first time in five months, which means sellers could return at the $48,000-$51,000 resistance zone – a 50% reversal of the prior downtrend.
Further, BTC is two days away from registering a countertrend sell signal, according the DeMark indicators, similar to what occurred last August. At that stage, short-term buyers will likely defend support, especially because momentum signals turned positive on the weekly chart.
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.
