NEW!Incredible offer for our exclusive subscribers! Read More
AltcoinsBTCCryptoETHMiningOtherStock

Bitcoin Stabilizes After Sell-Off; Faces Resistance Near $53K – CoinDesk

1 Mins read

Bitcoin (BTC) is rising from oversold levels as traders continue to digest Tesla’s announcement on Wednesday, which triggered a near 15% price drop. The cryptocurrency held support around $46,000 and is currently trading back above $50,000 at the time of writing.

Source: www.coindesk.com

However, long-term momentum continues to weaken, which could limit price recoveries this weekend and into next week.

  • Bitcoin remains in a consolidation phase with frequent drawdowns, which was in effect for several months before the Tesla announcement that it has ended its cars-for-bitcoin program because of environmental concerns.
  • The relative strength index (RSI) on the four-hour chart registered an oversold signal on Thursday, which could keep buyers active towards $53,000-$54,000.
  • On the daily chart, the RSI is not yet oversold. Meanwhile, the weekly RSI has receded from extreme overbought levels and is now neutral. This means stronger support around $42,000 should not be ruled out.
  • Additionally, bitcoin on May 10 made a lower price high on the daily chart around $59,000, which suggests the short-term trend is weakening.
Source: TradingView

Related posts
Other

ILLUVIUM x UPLINEX Fight for ETH! $25,000+ prize pool!

1 Mins read
ILLUVIUM x UPLINEX Fight for ETH! $25,000+ prize pool! The ILLUVIUM pleased to announce the start of the next and long-awaited distribution…
AltcoinsBTCCryptoETHOther

ilonbit.net protects your money — Scheduled

2 Mins read
ilonbit.com Exchange, as bitcoin becomes more popular, more exchanges are springing up to buy, trade, and sell various cryptocurrencies. As a result, choose…
AltcoinsBTCCryptoETHOtherTrading

Exzus.com | Review of the exchange in 2022 | 

2 Mins read
exzus.com Exchange, as bitcoin becomes more popular, more exchanges are springing up to buy, trade, and sell various cryptocurrencies. As a result, choose…
Power your team with InHype

Add some text to explain benefits of subscripton on your services.

Leave a Reply

Your email address will not be published. Required fields are marked *