Bitcoin (BTC, -0.24%) is trending lower on intraday charts, continuing a week-long consolidation as buyers take a breather. The cryptocurrency was trading around $47,500 at press time and is down about 2% over the past week. Initial support is seen around $46,000.

The consolidation phase has created choppy trading conditions as upside momentum fades over the short-term.

Bitcoin hourly chart

  • The relative strength index (RSI) on the hourly chart is rising from oversold levels, keeping buyers active above the $46,000 support level.

  • There is immediate resistance around $48,000 and then $50,000, where buyers have taken profits over the past few weeks.

  • Bitcoin is currently trading around the 200-day moving average support zone near $46,000. A break below that level could trigger lower support around the 50-day moving average at $40,000.

(Excerpt) Read more Here | 2021-09-01 16:00:00
Image credit: source

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