CoinDesk Analysis Team
CoinDesk
Bitcoin (BTC) is recovering above its $40,000-$42,000 support zone after oversold signals appeared on the charts. Initial resistance is seen at around $46,000, which could limit further upside short term.
BTC was trading at around $43,700 at press time and is up 4% over the past 24 hours.
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The relative strength index (RSI) on the four-hour chart is rising from oversold levels that appeared earlier this week. The RSI is not yet overbought, which could keep buyers active, albeit limited toward $46,000 resistance.
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On the daily chart, however, the RSI is approaching neutral levels, which suggests further consolidation is needed to recapture upside momentum.
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Resistance remains strong toward $50,000 as bitcoin registered a series of lower price highs over the past two weeks.
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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