Bitcoin: Sittin' Sidways...For Now.

21 באפר׳ 2021

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BTCUSD Statistics:

• Market Capitalization: 1.05T
• CryptoAsset Rank: #1
  
• 24-Hour Return: +1.25%
  
• 7-Day Return: -11.2%
  
• From All-Time High: -13%
  

Technical Setup:

• Yesterday, BTC closed below its 50D SMA for the first time since October 8, 2020.
  
• The move lower coupled with BTC's inability to immediately get back over the 50D SMA suggests that the bears could be taking control of the market in the short-term.
  
• Until BTC closes above the 50D SMA, one can expect BTC to remain rangebound between 51K and 58K - historical relevant support and resistance levels.
  
• As we warned last week, the downtrend in BTC's 14-day RSI ended up foreshadowing the bulls running out of momentum. Although we've now seen BTC sell-off and close below the 50D SMA, it should be noted that the RSI is also bouncing off of the support of what looks to be a descending triangle pattern. Because ascending channels are typically bearish, this may mean that BTC is headed towards "oversold" territory (RSI < 30).
  
• Although the descending channel is inherently bearish, one could also argue that BTC is consolidating and a breakout to the upside is likely to manifest into the RSI pushing through its resistance.
  
• For now, all eyes should be on the 50D SMA at $56,600 for further insight as to where BTC is headed.