Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Bitcoin News & Updates => Topic started by: RSRS on August 10, 2021, 01:59:32 PM
-
Bitcoin (BTC) is roughly flat over the past 24 hours as the rally near $45,000 appears exhausted. Short-term overbought signals could encourage profit-taking, although buyers will likely return around the $38,000 to $40,000 support zone.
Bitcoin is up about 20% over the past week, compared to a 25% rise in ether, the world’s second largest cryptocurrency.
The relative strength index (RSI) on the four-hour chart registered lower highs and is declining from overbought territory. Typically, short-term overbought signals precede price declines of about 5% to 10%.
Initial support is seen at the $40,000 breakout level, which resolved a two-month consolidation to the upside.
Bitcoin will need to hold above the 200-day moving average, currently around $45,000, to confirm a reversal of the intermediate-term downtrend since April.
Sourch (https://cryptonews.net/en/news/bitcoin/1366719/)