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Bitcoin Holding Support Above $37K; Resistance at $45K
BTC appears to be oversold on intraday charts.
Bitcoin (BTC) appears to be stabilizing after a 15% decline over the past two weeks. So far, the cryptocurrency is holding support above $37,000, similar to what occurred in early March.
The relative strength index (RSI) on the four-hour chart is rising from oversold levels despite the recent downtrend in price. That could signal bullish activity toward the $45,000 resistance zone.
STORY CONTINUES BELOW
Still, BTC has remained in a tight trading range around the $40,000 price level over the past few months. A positive momentum signal on the daily chart is needed in order to signal a price recovery outside of the current trading range.
On the weekly chart, BTC is holding long-term support above its 100-week moving average at $35,700. Positive momentum readings remain intact over the intermediate term, albeit with bearish signals on the monthly 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.
