Bitcoin Fails To Break Resistance Over $58k - Support At $56k.
2021-05-12 | Mike Hallen
Bitcoin [
BTC]
did not break above resistance around $58k earlier on Tuesday. The cryptocurrency is trading around
$56,772 USD at the time of reporting. Buyers could return
around the $55k
price which held within the weekend sell-off.
The RSI [Relative Strength Index] on the hourly chart registered an overbought signal on Tuesday. The RSI
isn't yet oversold that might keep sellers active towards lower support levels.
Bitcoin is now below the 100-period moving average on the hourly chart
as the short-term trend weakens.
Stronger support is around $53k which has limited price declines over the past
fortnight. Long-term momentum is deteriorating as purchasers
still take profit on rallies.
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