Bitcoin holds steady below $50,000 in volatile weekend trading

Bitcoin’s efforts to retest $ 50,000 for an optimistic eruption face opposition from its downtrend resistance line, combined with additional negative pressure from the 20-day EMA and 200-day EMA waves, which are also close to $ 50,000.

Related: Bitcoin bears lack “balls” to continue selling until 2022 – analyst

As a result, the path with the least resistance for Bitcoin is at a disadvantage. And with the death toll looming, the cryptocurrency is likely to continue trending inside the downtrend to test levels around $ 42,000 for a strong retreat.

If the decline accelerates, the price could still target $ 40,000 as a target for the decline.

The RSI factor
Another leg below would also push Bitcoin’s daily relative strength index (RSI) into its under-30 territory, a buy signal. For now, the momentum indicator has tried to cross the downtrend line, a move that previously predicted local Bitcoin price lows.

On a shorter time frame, the RSI strengthened sideways, anticipating that it will move out of the upward rectangle range. At the heart of this optimistic outlook is a September 2021 fractal, shared by Mozzi, an independent crypto-market analyst.

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