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.

Dollar

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.

All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.

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