Damanick is a crypto market analyst at CoinDesk where he writes the daily Market Wrap and provides technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also an equity/fixed income portfolio manager and does not invest in digital assets.
Bitcoin (BTC) continues to strengthen after breaking above $50,000 earlier this week and rallying Thursday to a five-month high.
The cryptocurrency was trading around $54,000 at press time and is up 5% over the past 24 hours. Overbought signals suggest risk of a pullback, albeit limited to support around $50,000-$52,000.
The intermediate-term uptrend has improved over the past few months, which could keep buyers active toward the all-time high near $64,000.
- The relative strength index (RSI) is the most overbought since September, which preceded a correction. However, a similar downturn is unlikely given strong upside momentum and a series of breakouts on the charts.
- Buyers will need to hold support above $48,000-$50,000 in order to resume the recent rally.
- BTC is not yet overbought on the weekly chart, which points to further upside.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Damanick is a crypto market analyst at CoinDesk where he writes the daily Market Wrap and provides technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also an equity/fixed income portfolio manager and does not invest in digital assets.
Damanick is a crypto market analyst at CoinDesk where he writes the daily Market Wrap and provides technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also an equity/fixed income portfolio manager and does not invest in digital assets.
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/XXQP3EGBCNADNHOX62IZ5M2SOY.jpg )
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/ILVCNJWBVVBPLAUNCRDRX7QOZM.jpg )
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/6AA477YUDJCONIYCF476XSODSQ.jpg )
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/SV6X3BZFHVHOLC442MOARYVNDI.png )