Bitcoin: a “dead cross”
The previous week was another in which investors in financial markets were more concerned about inflation figures, which would provide them a clue when the interest rates would start their down course. The crypto market was left behind investors' focus, because they were more concentrated toward the equity market and better than expected results of companies for the second quarter. The BTC was traded in a relatively short range during the week, between levels of $61.511 and $56.410 at one occasion. There was actually no strength for both sides. BTC is finishing the week modestly below the 60K resistance line.
During the whole week, the RSI was moving modestly below the level of 50. It indicates that the market is still not ready to pass the 50 line and head toward the overbought market side. Another important formation in the technical analysis was triggered during the week, which is called the dead-cross. This formation indicates a high potential for a change in trend in the coming period, in concrete case, the move toward the lower grounds.
What is evident from charts at the moment, is that BTC is losing strength. Daily trading volumes are decreasing, leaving no space for the price to move toward either side. Current market interests are focused on equity markets and gold, in which sense, the crypto market might stay aside for another week. The Jackson Hole Symposium is scheduled for the week ahead, where Fed Chair Powell will hold a speech. This event will be closely watched by market participants. In case of some surprises, the market's higher volatility might be triggered. However, based on current charts, it could be expected that the BTC will continue to test the 60K resistance line. There is only a small indication that this level might be clearly breached to the upside. On the opposite side, the 58K short term support line might be tested for another time.
During the whole week, the RSI was moving modestly below the level of 50. It indicates that the market is still not ready to pass the 50 line and head toward the overbought market side. Another important formation in the technical analysis was triggered during the week, which is called the dead-cross. This formation indicates a high potential for a change in trend in the coming period, in concrete case, the move toward the lower grounds.
What is evident from charts at the moment, is that BTC is losing strength. Daily trading volumes are decreasing, leaving no space for the price to move toward either side. Current market interests are focused on equity markets and gold, in which sense, the crypto market might stay aside for another week. The Jackson Hole Symposium is scheduled for the week ahead, where Fed Chair Powell will hold a speech. This event will be closely watched by market participants. In case of some surprises, the market's higher volatility might be triggered. However, based on current charts, it could be expected that the BTC will continue to test the 60K resistance line. There is only a small indication that this level might be clearly breached to the upside. On the opposite side, the 58K short term support line might be tested for another time.
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