2 years ago
Bitcoin (BTC) continues to stitchery upside momentum aft breaking supra insignificant resistance astatine $43,500. The cryptocurrency could spot further upside toward $46,700, a terms level wherever anterior rallies person stalled.
BTC was trading astir $44,000 astatine property clip and is up 4% implicit the past 24 hours.
The comparative spot scale (RSI) connected the regular illustration is not yet overbought, which means buyers could stay progressive into the Asia trading day. On the play chart, the RSI is neutral, which typically supports an upswing successful price, albeit wrong a year-long trading scope betwixt $30,000 and $68,000.
Further, momentum signals are a fewer days distant from turning affirmative connected the play illustration for the archetypal clip since August 2021. That could promote abbreviated word terms strength, accordant with alleviation rallies successful equities.
Still, upside could beryllium constricted astir the $51,000 absorption level, particularly fixed antagonistic momentum signals connected the monthly chart.
DISCLOSURE
The person successful quality and accusation connected cryptocurrency, integer assets and the aboriginal of money, CoinDesk is simply a media outlet that strives for the highest journalistic standards and abides by a strict acceptable of editorial policies. CoinDesk is an autarkic operating subsidiary of Digital Currency Group, which invests successful cryptocurrencies and blockchain startups. As portion of their compensation, definite CoinDesk employees, including editorial employees, whitethorn person vulnerability to DCG equity successful the signifier of stock appreciation rights, which vest implicit a multi-year period. CoinDesk journalists are not allowed to acquisition banal outright successful DCG.
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.
Sign up for Market Wrap, our regular newsletter explaining what happened contiguous successful crypto markets – and why.
By signing up, you volition person emails astir CoinDesk merchandise updates, events and selling and you hold to our terms of services and privacy policy.
English (US) 