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Bitcoin Holds Short-Term Support; Upside Limited to $50K
Buyers will need to defend lower support levels this weekend to avoid a series of lower price highs.
Bitcoin (BTC) is holding initial support around $47,000 and is roughly flat over the past 24 hours. The cryptocurrency appears to be oversold on intraday charts, although slowing momentum suggests buyers are still exhausted from the $50,000 resistance level.
So far, price is still above the 200-day moving average around $46,000. Lower support is seen at the upward sloping 50-day moving average between the $40,000-$42,000 breakout zone.
STORY CONTINUES BELOW
- The relative strength index (RSI) is approaching oversold levels on the four-hour chart, similar to Aug. 19, which preceded a near 10% price bounce.
- However, the RSI is still declining from overbought levels on the daily chart. This typically signals limited upside, especially given low volume and upside exhaustion on the charts.
- Buyers will need to defend lower support levels this weekend in order to avoid a series of lower price highs since April.
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.
