Bitcoin
$48,154.75-0.92%
Ethereum
$3,441.20-1.69%
XRP
$1.08-0.27%
Cardano
$2.37-0.87%
Polkadot
$34.11-2.26%
Stellar
$0.323435-0.72%
Dogecoin
$0.240542-1.46%
Chainlink
$28.59-1.23%
Uniswap
$24.43-2.00%
Polygon
$1.36-2.73%
Litecoin
$181.11-1.40%
Bitcoin Cash
$636.78+0.21%
Algorand
$2.11+4.89%
Cosmos
$39.38+9.36%
Wrapped Bitcoin
$48,151.17-0.87%
Filecoin
$84.18-1.69%
The Graph
$0.838086-0.21%
Tron
$0.105779-1.37%
Ethereum Classic
$56.83-1.60%
Aave
$354.66-2.03%
Tezos
$6.44+1.18%
EOS
$5.26-0.62%
NEO
$49.56-0.57%
Monero
$273.43+1.84%
IOTA
$1.63-2.49%
BitTorrent
$0.003937-0.83%
Bitcoin SV
$158.89-0.47%
Waves
$28.94-1.80%
Maker
$2,860.56-0.54%
Dash
$200.40-1.93%
Decred
$140.82-5.38%
Decentraland
$0.821599-1.43%
ICON
$1.89-3.80%
NEM
$0.183801-1.04%
Zcash
$139.86-0.67%
OmiseGO
$9.25+5.97%
Qtum
$12.46-1.90%
NuCypher
$0.331761-1.11%
Bitcoin Gold
$65.94-2.09%
Yearn Finance
$33,686.77-1.24%
Basic Attention Token
$0.749512-2.79%
0x
$1.11+1.09%
Paxos Standard
$0.998557-0.37%
Ren
$0.963339-8.75%
Bancor
$4.08-1.20%
Fetch.ai
$0.813648-6.67%
Band Protocol
$9.27-1.51%
Siacoin
$0.018832+0.52%
Kava.io
$6.24-0.62%
Nano
$5.57-0.10%
Loopring
$0.466316+0.49%
Storj
$1.39-1.19%
Lisk
$3.64+0.45%
Civic
$0.526451-2.96%
Numeraire
$46.18-9.27%
Orchid
$0.373611+1.53%
PAX Gold
$1,772.71+0.50%
Augur
$26.16-0.99%
Aragon
$6.43+7.08%
Enzyme
$125.87+8.73%
district0x
$0.178331+0.24%
Kyber Network
$1.80-2.15%
SingularDTV
$0.001432-3.35%
Tether
$1.00+0.02%
USD Coin
$1.00+0.02%
Dai
$1.00-0.01%

Bitcoin Holds Short-Term Support; Upside Limited to $50K

Buyers will need to defend lower support levels this weekend to avoid a series of lower price highs.

Aug 27, 2021 at 11:22 a.m. UTC
Updated Aug 27, 2021 at 3:52 p.m. UTC

Bitcoin (BTC) is holding initial support around $47,000 and is roughly flat over the past 24 hours. The cryptocurrency appears to be oversold on intraday charts, although slowing momentum suggests buyers are still exhausted from the $50,000 resistance level.

So far, price is still above the 200-day moving average around $46,000. Lower support is seen at the upward sloping 50-day moving average between the $40,000-$42,000 breakout zone.

Bitcoin four-hour price chart shows short-term support and resistance levels with RSI.

  • The relative strength index (RSI) is approaching oversold levels on the four-hour chart, similar to Aug. 19, which preceded a near 10% price bounce.
  • However, the RSI is still declining from overbought levels on the daily chart. This typically signals limited upside, especially given low volume and upside exhaustion on the charts.
  • Buyers will need to defend lower support levels this weekend in order to avoid a series of lower price highs since April.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Damanick does not own cryptocurrencies.

Loading...