Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Bitcoin News & Updates => Topic started by: Cristiano on May 18, 2021, 06:39:13 PM
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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.
Sorce (https://cryptonews.net/en/news/bitcoin/665390/)