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Bitcoin Holds $40K Support, Initial Resistance at $47K
Oversold conditions could stabilize the pullback toward $47K resistance.
Bitcoin (BTC) is stabilizing as buyers defended support at the $40,000-$42,000 breakout range. The cryptocurrency is oversold on intraday charts, which could encourage further upside toward the $47,000 resistance level.
BTC was trading at about $43,000 at press time and is roughly flat over the past 24 hours.
STORY CONTINUES BELOW
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- The relative strength index (RSI) on the four-hour chart is deeply oversold, which typically precedes short-term price increases.
- Bitcoin faces initial resistance at its 100-period moving average on the four-hour chart at about $47,000, and then at $50,000, where buyers have continuously taken profits.
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.
