Bitcoin Approaching Resistance at $48K-$51K; Support at $45K

Bitcoin Approaching Resistance at $48K-$51K; Support at $45K

Bitcoin (BTC) is testing resistance at the 200-day moving average, which could trigger a brief pullback.

The cryptocurrency was trading around $47,300 at press time and is roughly flat over the past 24 hours.

Upside momentum is starting to fade on intraday charts, which could keep buyers on the sidelines into the Asia trading day. Still, lower support around $45,000 could stabilize pullbacks.

The relative strength index (RSI) on the daily chart is overbought for the first time in five months, which means sellers could return around the $48,000-$51,000 resistance zone – a 50% reversal of the prior downtrend.

Further, BTC is two days away from registering a countertrend sell signal, per the DeMARK indicators, similar to what occurred in Aug. 2021. At that stage, short-term buyers will likely defend support, especially as momentum signals turned positive on the weekly chart.

Source

Leave a Reply

Your email address will not be published. Required fields are marked *