Bitcoin rallies above $47k, resistance at $50k
|Bitcoin (BTC) returned above $47,000 for the first time in two weeks, indicating strong demand from short-term buyers. The next level of resistance is seen at $50,000, where some profit taking occurred in early September.
Technical indicators show improving upside momentum on the daily chart, which is the first positive reading since July. This means the intermediate-term uptrend is stabilizing, albeit within a range of $40,000 support and $50,000 resistance.
-
The relative strength index (RSI) is not yet overbought on the daily chart, which could keep buyers active over the short-term.
-
On the weekly chart, the RSI is neutral, and upside momentum remains weak. This suggests a period of consolidation could persist below the $50,000-$55,000 resistance range.
-
Buyers defended support around $40,000 over the past few days, which is also where a price breakout occurred on August 6. Further, BTC is back above the 200-day moving average, which provides an advantage for buyers aiming to return on pullbacks.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.