2 years ago
Bitcoin (BTC) buying enactment accelerated implicit the play arsenic momentum signals turned positive.
The cryptocurrency broke supra archetypal resistance astatine $46,000, though stronger absorption astatine the 200-day moving average, which is present astatine $48,289, could stall the alleviation rally.
BTC was trading astatine astir $47,500 astatine property clip and is up 5% implicit the past 24 hours.
The comparative spot scale (RSI) connected the regular illustration is approaching overbought territory, akin to what occurred past October, which preceded a sell-off. This time, however, buyers look to beryllium targeting a 50% reversal of the four-month-long downtrend, which would output further upside toward $50,966.
Momentum signals connected the play illustration person importantly improved, which was antecedently seen astatine astir the July debased of $29,400. Still, momentum remains antagonistic connected the monthly chart, which could hold a important terms rally successful the abbreviated term.
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Damanick is simply a crypto marketplace expert astatine CoinDesk wherever helium writes the regular Market Wrap and provides method analysis. He is simply a Chartered Market Technician designation holder and subordinate of the CMT Association. Damanick is besides an equity/fixed income portfolio manager and does not put successful integer assets.
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