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Bitcoin Declines From $48K Resistance; Support at $45K

Posted by Gerald Roberts on October 04, 2021 - 4:32pm
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Author:
Damanick Dantes.
 

Short-term indicators show bitcoin is overbought.



 

Bitcoin (BTC) buyers are struggling around the $48,000 resistance level as short-term indicators reached overbought levels over the weekend. The next level of support is seen around $45,000, which could stabilize the pullback.

BTC was trading around $47,000 at press time and was roughly flat over the past 24 hours. Still, the cryptocurrency is up 13% over the past week as buyers continued to defend lower support around $40,000.

  • The relative strength index (RSI) on the four-hour chart is declining from overbought levels, which means short-term buyers could exit positions around current resistance levels.
  • The last time BTC approached the $48,000 resistance was on Sept. 18, which preceded a near 18% sell-off.
  • Upside momentum on the weekly chart continues to slow, suggesting a period of consolidation could persist between $40,000 support and $50,000 resistance.

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Simon Keighley It will be interesting to see if bitcoin can breakthrough resistance and create new highs - thanks for the update, Gerald.
October 5, 2021 at 8:35am
Gerald Roberts Hmm... I ponder
October 4, 2021 at 4:34pm
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