First Mover: Bitcoin Bounces Back to $55K as Yellen Backtracks on Rate Hike Comments

PLUS: Bitcoin Reclaims Support; Approaching Resistance Near $56K-$58K
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Technician's Take

by Damanick Dantes

Bitcoin Reclaims Support; Approaching Resistance Near $56K-$58K

Bitcoin (BTC) is holding support around $55,400 at the time of writing as buyers attempt to erase Tuesday's losses. Resistance is seen around $56,000 and $58,000 where traders have taken profit over the past few months.

Hourly bitcoin chart shows support and resistance levels with RSI (Source: TradingView)

  • The relative strength index (RSI) on the hourly chart is not yet overbought which suggests about 2%-3% upside to next resistance.

  • Bitcoin remains in a tight range as a pattern of lower highs on the RSI suggests slowing momentum and continued profit taking on rallies.

  • On the daily chart, support around the 100-day moving average preceded price recoveries on April 25 and on May 4 around $53,000. This suggests selling pressure has been limited as BTC consolidates.

  • For now, bitcoin has retraced roughly 38% of the sell-off from May 3 as the short-term trend improves.

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Be on the look out for these upcoming events:

  • 12:15 UTC (8:15 a.m. ET): 
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Unlocked 101 at Consensus by CoinDesk 2021

 

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ICYMI

In case you missed it, here's the most recent episode of "First Mover" on CoinDesk TV:

 

Ether Markets Focus: Why Is the Price Soaring?

Ether sets new records, breaking through $3400 and "flipping" bitcoin on options volume. "First Mover" dives into crypto markets analysis with MarketGauge Managing Director Michele Schneider. Also, Nikhilesh De on Coinbase's decision to expand support for the stablecoin tether. And, why did the Decentralized Finance Oracle Umbrella Network migrate from Ethereum to the Binance Smart Chain? We hear from the network's founder, Sam Kim.

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CoinDesk Research: Does Bitcoin Have an Energy Problem?

Is Bitcoin bad for the environment? This CoinDesk Research report looks at the data behind the most common critiques and shows that, while Bitcoin uses a lot of energy, the mix is evolving toward renewables. Bitcoin also incentivizes investment in clean energy sources, can convert pollution into value, and redistributes wasted power production. 
Download the free report.

 

Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. 

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