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

Bitcoin (BTC) is approaching overbought levels, although pullbacks from the $48K-$51K resistance zone should be brief. Upside momentum is slowing on intraday charts, but turned positive on the weekly chart.Read MoreFeedzy

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

The cryptocurrency was trading at about $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 at 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 at 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, according the DeMark indicators, similar to what occurred last August. At that stage, short-term buyers will likely defend support, especially because momentum signals turned positive on the weekly chart.


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