Bitcoin Price Expected To Drop Soon - New Support Level At $62k.
2021-04-14 | Eddy Morgan
Bitcoin [
BTC] is taking a breather after reaching a fresh new all-time high,
and therefore the cryptocurrency is now trading over $64k for
the primary time. Buyers have taken some profit during Asia hours after overbought conditions appeared on intraday charts, but support is nearby around $62k.
Bitcoin continues
to trade above its 50-period volume-weighted moving average on the hourly chart. Prior resistance around $61k to $62k is now support.
The RSI [
Relative Strength Index] on the hourly chart reached overbought levels yesterday and
did not make
a new high despite
an additional 3% rise
within the Bitcoin price.
This means slowing upside momentum
which usually precedes brief pullbacks.
The broader uptrend remains intact and “we might quickly be
watching $65k as the next pocket of sell liquidity,” revealed Chad Steinglass, head of trading at CrossTower.
For now, consecutive daily closes above $61,742 USD could
end in further upside towards $69,121 USD over the short-term,
consistent with Katie Stockton of Fairlead Strategies. On the other hand, if the breakout is left unconfirmed, BTC could see a setback towards lower support
around the 50-day moving average price.
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