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Bitcoin Pulls Back From Resistance, Support at $49K-$50K
Pullbacks appear to be limited given breakouts on the charts.
Bitcoin (BTC) is declining after testing resistance near $52,000 on Monday. Initial support is seen at the $50,000 breakout level where buyers displayed strength last week. The cryptocurrency is trading around $51,000 at press time and is up about 8% over the past week.
- The upward sloping 100-period moving average on the four-hour chart could stabilize the short-term pullback above $49,000.
- The relative strength index (RSI) on the four-hour chart is declining from overbought levels, which preceded profit taking during Asian hours.
- The RSI continues to diverge from bitcoin’s rally over the past month, signaling slowing upside momentum. However, pullbacks appear to be limited given multiple breakouts on the charts.
STORY CONTINUES BELOW
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.
