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Bitcoin Holds Short-Term Support; Faces Resistance at $36K
Oversold readings suggest limited upside for BTC toward $36K.
Bitcoin (BTC) held support at $31,000 on Tuesday and now faces resistance near $36,000. The cryptocurrency was trading at about $34,500 at press time.
STORY CONTINUES BELOW
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The sell-off over the past week is now stabilizing as buyers respond to oversold conditions. Any upside appears to be limited, however, as bitcoin consolidates within a tight trading range.
- The relative strength index (RSI) on the four-hour chart registered an oversold signal on Tuesday, which preceded a 4% price rise.
- Bitcoin is attempting to break above a series of lower price highs over the past week. And since the RSI is not yet overbought, buyers could remain active toward $36,000.
- Resistance is seen at the 100-period moving average on the four-hour chart. The slope of the moving average is flattening, which suggests the downtrend from May is stabilizing.
Damanick Dantes
Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.
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