Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.

Bitcoin (BTC) buyers were active during Asian trading hours as they defended support at around the 200-day moving average. The cryptocurrency is testing initial resistance of around $50,000 and is up about 5% over the past 24 hours. A breakout above current levels could yield further upside toward $55,000.

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  • The relative strength index (RSI) on the four-hour chart is approaching overbought territory, which typically precedes brief pullbacks similar to what happened on Aug. 23 when buyers failed to break above $50,000 resistance.
  • Initial support is seen at the 100-period moving average on the four-hour chart of about $47,800, which could stabilize a pullback.
  • Upside momentum has faded over the past few weeks, although buyers will likely defend lower support as bitcoin consolidates.

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CoinDesk - Unknown

Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.

CoinDesk - Unknown

Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.

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