Bitcoin Stabilizes After Evergrande-Fueled Rout

CHARTS: Price resistance for BTC seen at $47K

Bitcoin Bounces Off 6-Week Low, Tracking Recovery in Stocks

Technician's Take

by Damanick Dantes, CMT

 

Bitcoin Holds $40K Support; Initial Resistance at $47K

Bitcoin (BTC) is stabilizing as buyers defended support around the $40,000-$42,000 breakout range. The cryptocurrency is oversold on intraday charts, which could encourage further upside towards the $47,000 resistance level.

 

BTC was trading around $43,000 at press time and is roughly flat over the past 24 hours.

  • The relative strength index (RSI) on the four-hour chart is deeply oversold, which typically precedes short-term price rises.

  • Bitcoin faces initial resistance at the 100-period moving average on the four-hour chart, currently around $47,000, and then at $50,000, where buyers have continuously taken profits.

Bitcoin four-hour price chart shows the cryptocurrency dipping into oversold levels. (TradingView, CoinDesk)

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BOLO

Be on the lookout for the following events today:

  • Mainnet 2021 (Sept 20 - 21)
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ICYMI

In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:

 

China's Evergrande Default Risk Could Have Ripple Effect in Crypto Markets

"First Mover" speaks on Chinese real estate developer Evergrande's default risk and its impact on the crypto markets with Matthew Sigel, Head of Digital Assets Research at ETF and mutual fund manager VanEck, and Paul Brody, Principal & Global Innovation Leader at Ernst and Young, shares his insights into Ernst & Young's collaboration with Polygon on Ethereum scaling. Plus, Abraham Sutherland, former deputy associate counsel during the George W. Bush administration and energy developer Saker Group director, provides insights into crypto regulations.

 

 

A Message from CoinDesk

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At Bitcoin for Advisors 2021 on Oct. 6, Michael Kitces and Tyrone Ross share insights from the front lines. Apply today.

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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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