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Bitcoin Stabilizes at Support; Faces Resistance Around $50K-$53K
BTC continues to consolidate and is now at the bottom of a three-month range.
Par Damanick Dantes
Bitcoin (BTC) buyers continued to defend support around $42,000 on Monday. The sell-off that began last week appears to be weakening as the cryptocurrency registers oversold signals. However, upside appears limited towards $50,000-$53,000 resistance.
The cryptocurrency was trading around $45,000 at the time of writing.
- The relative strength index (RSI) on the four-hour chart is now oversold similar to the last week in April, which preceded a price bounce.
- The RSI is also oversold on the daily chart and is neutral on the weekly chart, which could signal a brief price recovery as sellers capitulate.
- Initial resistance is around $50,000 and then at the 100-period moving average on the four-hour chart at $53,000.
- Bitcoin continues to consolidate and is now at the bottom of a three-month range. The broader uptrend remains intact, albeit vulnerable to sharp swings and frequent drawdowns.
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"An Agreement has been largely negotiated, subject to finalization between the United States of America, the Islamic Republic of Iran, and the various other Countries," wrote President Trump late Saturday afternoon.
Що варто знати:
- Down sharply earlier Saturday, bitcoin moved to gains on the day after President Trump announced a peace agreement with Iran and other Middle Eastern countries.
- As part of the deal, Trump said, the Strait of Hormuz will be reopened.
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