Bitcoin’s uptrend continues to slow after breaking short-term support.
Sellers were busy during Asia hours, compelling bitcoin (BTC) under intraday trend support. The wider uptrend continues to slow, with much lower support about $50,000 and then $42,000.
Sideways trading over the previous couple of days led to a 10% decline from trend line service on the four-hour chart.
The relative strength index (RSI) is now oversold on the four-hour chart, which could promote minor short covering at current levels.
Resistance roughly $58,000 could restrict short-term recoveries, particularly as the longer-term trend continues to slow, since CoinDesk has reported.
“We expect the long-term uptrend to moderate as intermediate-term overbought conditions are consumed,” explained Katie Stockton, managing partner of Fairlead Plans . “Initial support for bitcoin stays near $42,000, far enough under present levels to dictate attention to risk management for extended positions.”
