fxs_header_sponsor_anchor

Bitcoin rangebound, holding support above $46K

Bitcoin (BTC, 1.61%) registered a series of lower price highs over the past few days as buyers continue to take profits. The cryptocurrency is stuck in a tight range between $46,000 support and $50,000 resistance and is roughly flat over the past week.

A consolidation phase is likely to persist this week as the Aug. 6 price breakout above $42,000 appears to be exhausted.

Bitcoin four-hour price chart shows short-term support and resistance levels with RSI.

  • The relative strength index (RSI) is almost oversold on the four-hour chart, similar to Aug. 19 and Aug. 26, which preceded brief price bounces.

  • Initial support is seen at around the 100-period moving average of $47,000 on the four-hour chart.

  • Short-term momentum is deteriorating, which is typical during a consolidation phase. If the $46,000 support level is broken, however, there is risk of a deeper pullback toward the $42,000 breakout level.

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.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.