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.
DISCLOSURE
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
The crypto market is balancing the threat of stagflation against a liquidity injection from the…
Bitcoin price struggled to settle above the $65,000 zone. BTC is again moving lower and…
The Bitcoin network has witnessed a surge in trading activity in the days after the…
According to the latest on-chain revelation, the Bitcoin network has been experiencing a steady decline…
Crypto expert Peter Brandt has boldly claimed that the Bitcoin top for this market cycle…
The cryptocurrency world is abuzz with speculation after a deep learning model projected a dramatic…