Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Bitcoin News & Updates => Topic started by: Fawpac2 on May 07, 2021, 01:58:18 PM
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Bitcoin (BTC) held support around $54,000 after buyers took profit around the $58,000 resistance level on Thursday. The cryptocurrency was trading around $56,500 at the time of writing.
While the short-term trend is improving, traders have been quick to take profit on rallies. Slowing momentum is typical of a consolidation phase, which suggests traders are taking a breather following a near two-fold price increase in BTC over the past year.
Bitcoin remains above the 100-period moving average on the four-hour chart and daily chart. This indicates an improving short-term trend, albeit with resistance around $58,000.
BTC has retraced about 50% of the April 14 sell-off from an all-time high around $64,900.
The relative strength index (RSI) is neutral across short-term charts and has receded from extreme overbought levels on the long-term weekly chart.
Initial support is seen around $54,000 and then $52,000 which has limited profit taking over the past week.(https://i.imgur.com/toUrPVr.jpg)
Source (https://cryptonews.net/618758/?utm_source=CryptoNews&utm_medium=app&utm_campaign=shared)