Share this article
Bitcoin Declines From Resistance, Approaches $40K Support
The intermediate-term trend is weakening, although support at $40K could stabilize the pullback.
Updated May 11, 2023, 4:33 p.m. Published Sep 28, 2021, 8:32 p.m. 1 min read
Bitcoin is trading lower after sellers responded to resistance near $45,000. The cryptocurrency is down about 4% over the past 24 hours to $41,909 as upside momentum slows.
Support is nearby at $40,000, which could stabilize the pullback.
- The 100-period moving average on the four-hour chart continues to cap upside moves. That suggests buyers are losing strength after failing to sustain a breakout above $50,000 resistance earlier this month.
- The relative strength index (RSI) on the four-hour chart is neutral after reaching overbought levels last week, which preceded a brief 14% price bounce.
- On the hourly chart, the RSI is the most oversold since Sunday, suggesting intraday buyers could remain active, albeit briefly toward $43,000-$45,000 resistance.
- And on the weekly chart, upside momentum has slowed over the past two months, indicating a weaker uptrend as price increases remain limited.
Plus pour vous
"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.
Ce qu'il:
- 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.
Top Stories
