Bitcoin Stabilizes After Sell-Off, Resistance Near $45K-$50K
By Damanick Dantes
Bitcoin daily price chart shows support/resistance with oversold RSI on bottom. (Damanick Dantes/CoinDesk, TradingView)
Bitcoin (BTC) dipped below initial support at $45,000 on Wednesday, but later stabilized around $42,000, which is near the Dec. 5 crash low. Oversold signals remain intact, which suggest selling pressure could subside.
Given the series of lower price highs since November, support ranges and oversold readings are viewed as countertrend. This lowers the probability of significant buying strength until the downtrend is reversed.
There is strong resistance ahead which could limit upside moves over the short term. For example, price momentum turned negative on the monthly chart, indicating a possible trend shift from bullish to bearish.
Further, bitcoin remains stuck below key moving averages and is roughly 35% below its all-time high around $69,000.
The cryptocurrency is down about 8% over the past week as buyers failed to sustain a break above $50,000.
New Global Currencies
New Resistance Global Currencies that support Independent Media and are against the “Great Reset” –
Our World Coin, a force for good and a peaceful revolution, is built to save humanity from the Globalists deadly Great Reset Totalitarian Agenda.
Bitcoin 2.0 is a new cryptocurrency that is looking to innovate the Global Payment System. It is backed by real value in independent media news sites & networks.
Truth Coin, a platform that’s free from Globalists’ control, and will not support the Great Reset Agenda or the vaccine digital passport. This enables everyone to support and benefit from building a better world, by the people for the people, a force for good.