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.
Selling pressure appears to be stabilizing over the short term, although upside momentum could slow around the $40,000-$43,000 resistance zone.
BTC was trading around $39,000 at press time and is up by 2% over the past 24 hours. Buyers will need to keep prices elevated above $40,000 in order to sustain the recovery phase.
Still, there has been a slight loss of upside momentum over the past few days, which means BTC will likely remain in a tight trading range until a breakout or breakdown is confirmed. For now, most technical indicators are neutral.
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/SV6X3BZFHVHOLC442MOARYVNDI.png )
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/7UAETYLYCBGUBAU5N77JVFWPIA.jpg )
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/7X5RCYJ7SNAXZG45F2G4DCLIMU.jpg )
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/SBS2YYE6QRCMHASHLY7Y2FOJA4.jpg )