Bitcoin Held Support at $53K, Faces Initial Resistance Around $60K – Coindesk

Avatar

Bitcoin daily price chart shows support and resistance levels; oversold RSI in panel two (Damanick Dantes/CoinDesk, TradingView)
Bitcoin (BTC) is holding support above its 100-day moving average, which is currently at $53,700. The cryptocurrency was trading around $57,000 at press time and could see further upside toward the $60,000 resistance level over the short term.
The relative strength index (RSI) on the daily chart is almost oversold, similar to what occurred in late-July and September, which preceded near-50% price rallies. Still, buyers will need to break above the $60,000-$65,000 resistance zone in order to yield upside price targets.
Price momentum is slowing on the daily chart, although initial signs of downside exhaustion could stabilize the intermediate-term uptrend from July. Volatility will likely return into the U.S. Thanksgiving holiday, which could lead to sharp price movements over the weekend.
DISCLOSURE
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.
Damanick Dantes
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 a portfolio manager at Cannon Advisors, which does not invest in digital assets. Damanick does not own cryptocurrencies.
By signing up, you will receive emails about CoinDesk product updates, events and marketing and you agree to our terms of services and privacy policy.
Business
Policy
Opinionated
Business
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.
@2021 CoinDesk

source

Total
0
Shares
Leave a Reply

Your email address will not be published. Required fields are marked *

Previous Post

Market Wrap: Higher Volatility Expected in Bitcoin and Ether – Coindesk

Next Post

Bitcoin and Ethereum prices jump to new records – CNN

Related Posts