2 years ago
Bitcoin (BTC) broke supra the $40,000 terms level connected intraday charts, indicating short-term bullish activity. The cryptocurrency pared earlier losses, though contiguous absorption astir existent levels could stall the upswing.
BTC was trading astir $41,200 astatine property clip and is up 5% implicit the past 24 hours.
The two-week agelong downtrend registered a downside exhaustion awesome connected Feb. 24, per the DeMARK indicators, which typically precedes little terms rallies. Still, semipermanent momentum indicators are negative, pointing to constricted upside astir the $43,000-$46,000 absorption zone.
For now, BTC volition request to stay supra the 100-day moving mean connected the four-hour chart, presently adjacent $40,000, to corroborate upside targets. Lower enactment is seen astatine $37,000, which could stabilize pullbacks into the Asia trading day.
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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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