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Bitcoin Stuck in Sideways Chop, Support Above $46K

There is immediate resistance around $48,000 and then $50K, where buyers have taken profits over the past few weeks.

Sep 1, 2021 at 11:24 a.m. UTC
Updated Sep 1, 2021 at 8:23 p.m. UTC

Bitcoin is trending lower on intraday charts, continuing a week-long consolidation as buyers take a breather. The cryptocurrency was trading around $47,500 at press time and is down about 2% over the past week. Initial support is seen around $46,000.

The consolidation phase has created choppy trading conditions as upside momentum fades over the short term.

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

  • The relative strength index (RSI) on the hourly chart is rising from oversold levels, keeping buyers active above the $46,000 support level.
  • There is immediate resistance around $48,000 and then $50,000, where buyers have taken profits over the past few weeks.
  • Bitcoin is currently trading around the 200-day moving average support zone near $46,000. A break below that level could trigger lower support around the 50-day moving average at $40,000.

DISCLOSURE

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Damanick does not own cryptocurrencies.

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