Bitcoin Pulls Back Ahead of $50K Resistance, Support at $46K

Upside momentum is improving, which suggests pullbacks could be limited.

Sep 16, 2021 at 11:32 a.m. UTC
Updated Sep 16, 2021 at 2:48 p.m. UTC

Damanick is a crypto market analyst at CoinDesk where he writes the daily Market Wrap and provides technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also an equity/fixed income portfolio manager and does not invest in digital assets.

Bitcoin (BTC) is roughly flat over the past 24 hours as upside momentum wanes over the short term. The cryptocurrency was trading at around $47,000 at press time, and support is nearby at about $46,000.

There is strong resistance near $50,000, which can limit upside moves. Buyers, however, will likely defend lower support levels as BTC consolidates.

  • The relative strength index (RSI) on the four-hour chart is declining from overbought levels reached on Wednesday. That could encourage brief selling toward $46,000 support.
  • The RSI on the daily chart is around neutral levels, indicating that a period of price consolidation could persist at around the 200-day moving average of $45,800.
  • Upside momentum is slowing on intraday charts, but improving on the daily and weekly charts, which suggests pullbacks could be limited.
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Damanick is a crypto market analyst at CoinDesk where he writes the daily Market Wrap and provides technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also an equity/fixed income portfolio manager and does not invest in digital assets.

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Damanick is a crypto market analyst at CoinDesk where he writes the daily Market Wrap and provides technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also an equity/fixed income portfolio manager and does not invest in digital assets.

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