Cryptocurrency News

Bitcoin Short Term Overbought Signals Are Appearing On Charts – Expert Analysis.

Bitcoin [BTC] buyers continue to accumulate profits within the Asia hours as short-term overbought signals appeared on the charts. The cryptocurrency is presently trading around initial support at $48,500 USD at the reporting time and is down about +1.40% over the past 24 hours. A lower support zone between $45,000-$48,000 could stabilize the pullback.

Bitcoin Short Term Overbought Signals Are On Charts - Expert Analysis.

The RSI [Relative Strength Index] on the 4-hour chart is approaching oversold territory almost like 18th April, which preceded a price bounce.

However, the RSI on the daily chart is declining from overbought levels as bitcoin buyers struggled near the $50k resistance level.

Bitcoin’s 30% rally over the past month appears to be exhausted, although support over the $42k breakout should hold.

Leave a Comment

Your email address will not be published.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