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Bitcoin Oversold Bounce Fades, Support at $34K-$36K
Initial support around $34K could stabilize the pullback.
Bitcoin (BTC) sellers returned during Asian trading hours given the strong resistance near the $40,000 level. The cryptocurrency was trading at around $38,000 at press time and is down 5% over the past week. Initial support is seen at around $34,000 and $36,000, which could stabilize the pullback.
STORY CONTINUES BELOW
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- The relative strength index (RSI) on the four-hour chart made a series of lower highs as upside momentum slowed. Short-term buyers responded to oversold conditions on Wednesday but failed to push past $40,000 resistance.
- Initial support is seen at $36,000, which is near the 100-period moving average on the four-hour chart. Buyers will likely defend support above $30,000 as bitcoin remains in a consolidation phase.
- Bitcoin’s intermediate-term downtrend remains in effect despite the near 30% short-squeeze rally over the past two weeks.
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.
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