Upside seems to be restricted in the direction of $50,000-$55,000, given indicators of slowing momentum and powerful overhead resistance.
Bitcoin (BTC, -0.68%) is consolidating after patrons took earnings close to the $50,000 resistance degree final week. The cryptocurrency is holding help round $48,000 and is down 3% over the previous seven days.
The breakout above $42,000 and $46,000 may hold patrons energetic at help, which ought to relieve some upside exhaustion indicators on the charts.
- Bitcoin is holding the 100-period shifting common on the four-hour chart, which persistently offered help on pullbacks over the previous week.
- Nevertheless, upside seems to be restricted in the direction of $50,000-$55,000, given indicators of slowing momentum and powerful overhead resistance.
- The relative power index (RSI) is declining from overbought ranges on each the four-hour and each day chart. This sometimes displays a wholesome consolidation after a sequence of worth breakouts.