Share this article
Bitcoin Struggles Near $27K-$30K Support Zone
BTC is deeply oversold, but upside appears limited.
Updated May 11, 2023, 4:55 p.m. Published May 11, 2022, 6:02 p.m. 1 min read
Bitcoin (BTC) is down by 6% over the past 24 hours and is trading at the bottom of a year-long price range. The cryptocurrency could find support between $27,000 and $30,000, although negative momentum signals point to additional breakdowns.
The relative strength index (RSI) on the daily chart is deeply oversold, similar to what occurred on Jan. 24 of this year and May 20 of last year. Still, in a downtrend, oversold conditions can persist for a few weeks before an upswing in price occurs.
On the weekly chart, the RSI is the most oversold since March 2020, which preceded a strong rally. This time, however, long-term momentum has deteriorated, suggesting limited upside beyond the upper $40,000-$45,000 resistance zone.
For now, a relief rally could be brief, especially given the strong break below $35,000 last week.
More For You
A massive selloff in a SpaceX crypto token wiped out hundreds of retail traders in 30 minutes because the market lacked enough cash to absorb the shock.
需要了解的:
- A violent 45% flash crash wiped out hundreds of retail traders when a SpaceX-linked crypto contract plummeted in just 30 minutes, wiping out $1.51 million in value and catching small-time investors completely off guard.
- The market was too thin to handle one massive trade because the token lacked deep financial...
Top Stories
