Connect with us

Hi, what are you looking for?


Btc Oversold Bounce Fades; Support at $34K-$36K

itial support around $34K could stabilize the pullback

Bitcoin (BTC) sellers returned during Asia hours given strong resistance near the $40,000 level. The cryptocurrency was trading around $38,000 at press time and is down 5% over the past week. Initial support is seen around $34,000 and $36,000, which could stabilize the pullback.

  • The relative strength index (RSI) on the four-hour chart made a series of lower highs as upside momentum slowed. Short-term buyers responded to oversold conditions on Wednesday but failed to push past $40,000 resistance.
  • Initial support is seen at $36,000, which is near the 100-period moving average on the four-hour chart. Buyers will likely defend support above $30,000 as bitcoin (BTC, -3.04%) remains in a consolidation phase.
  • Bitcoin’s intermediate-term downtrend remains in effect despite the near 30% short-squeeze rally over the past two weeks.
source of news:COİNDESK


Bitcoin Mining

Despite a $72 million rescue offer from creditors, concerns have been raised about the general viability of the Bitcoin trading community amid a protracted...


Ripple is attempting an upside break above the $0.365 resistance zone against the US Dollar. XRP price could fail to gain pace if it...


Bitcoin price is facing resistance near $17,000. BTC could start another decline unless there is a strong move above the $17,000 resistance zone. Bitcoin...


Ethereum started a fresh decline from the $1,320 resistance against the US Dollar. ETH is struggling and remains at a risk of a move...