2 years ago
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.
Bitcoin (BTC) bounced toward $30,000 connected Friday arsenic buyers reacted to oversold conditions. Still, upside appears to beryllium limited, and the cryptocurrency could look resistance astatine $33,000 and $35,000.
Momentum signals stay antagonistic connected the daily, play and monthly charts, which typically leads to a play of debased oregon antagonistic returns. Further, BTC is connected way for its first-ever consecutive seven-week decline, according to Coinbase terms information provided by TradingView, dating backmost to 2014. That's besides a motion of antagonistic terms momentum.
For now, BTC is approaching little support adjacent its 200-week moving average, presently astatine $21,800. Immediate enactment is betwixt $27,000 and $30,000, which could stabilize terms enactment implicit the adjacent fewer days.
Also, connected Thursday, short-term countertrend signals appeared connected the charts, which typically leads to a little terms bounce.
The comparative spot scale (RSI) connected the play illustration is the astir oversold since March 2020, though beardown absorption and antagonistic momentum suggests constricted upside implicit the adjacent fewer months.
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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.
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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