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) held short-term enactment supra $27,500 arsenic buyers reacted to oversold conditions connected the charts. The cryptocurrency could look resistance astatine $35,000, which is wherever the existent downtrend accelerated earlier this month.
BTC was trading astatine $30,100 astatine property clip and was up by 3% implicit the past 24 hours.
The comparative spot scale (RSI) connected the regular illustration is rising from oversold levels, which could support short-term buyers active. Further, short-term momentum is improving, akin to what occurred successful aboriginal March, which preceded a little alleviation rally successful price.
A countertrend reversal signal, per the DeMARK indicators, appeared connected BTC's regular illustration connected May 12 alongside large equity indices. That suggests a alleviation rally successful speculative assets could hold further breakdowns successful price.
Still, BTC volition request to registry a play adjacent supra $30,000 (and supra 4,000 for the S&P 500) to corroborate short-term bullish signals. For now, upside appears to beryllium constricted due to the fact that of antagonistic momentum signals connected the play and monthly charts.
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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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