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Bitcoin (BTC) is roughly 16% higher off the $47,000 weekend low as buyers responded to oversold conditions. The cryptocurrency was trading around $54,700 at the time of writing. The next level of resistance is around $56,000.
The relative strength index (RSI) on the hourly chart shows BTC is now at the most overbought level since April 14, when it reached an all-time high around $64,800.
BTC is approaching resistance around $56,000, which is roughly a 50% retracement of the prior two-week downtrend.
Initial support on the hourly chart is at the 50-period volume weighted moving average around $51,800.
The weekly RSI shows considerable loss of upside momentum similar to June 2019, which preceded a corrective phase. For now, short-term oversold conditions should support brief price recoveries, albeit vulnerable to sharp swings.
“Bitcoin’s corrective phase should run its course within [two to three] months. Support is near $42,000 as a gauge of downside risk within the long-term uptrend,” wrote Katie Stockton of Fairlead Strategies. She also points to sell signals on the weekly BTC chart.
