Into the Asian trading day, BTC appears oversold, but the upside remains limited
For over a week now, BTC has traded sideways, support of around $40K has been provided by the buyers. The next level of resistance can be found between $43K and $45K, which could limit short-term price gains.
Over the past 24 hours, BTC has remained flat; most technical indicators remain neutral before heading into the Asian trading day.
On the four-hour trading chart, RSI (relative strength index) is most oversold since Jan, preceded by a price bonus of 10%. In a downtrend, however, there could be a delay of a few days in the readings of price reaction to oversold.
With the weakening of the long-term momentum signal, sellers remain in control.
Disclaimer: The article should not be considered as any financial advice. It is advisable to conduct thorough research before investing.
Photo by – MichaelWuensch on Pixabay