Modest positive market sentiment is back on the market, but still, macro fundamentals are pointing that it might be too early in time to expect any sort of significant movements on markets, not only in equities, but also on the crypto market. FED increased interest rates by an additional 75 bps, which was expected, but still, it is not clear whether the inflation is ready to turn to the downside. This imposes risks for further monetary tightening, which will certainly push the US economy into recession. Even FED officials are openly speaking about this expectation. As long as risks remain strong on the market, so long it could not be expected any sort of stronger market recovery.
Although during the first half of the week selling orders were dominant for the BTC, as of the week-end, the price was strongly supported by the buying orders. BTC started the week by testing the $20K support line to the downside, without success, so the coin reverted to the upside, finishing the week above the level of $21K. This is positive development for BTC as it opens a path for the next short term resistance line at $23K. As of the weekend RSI was pushed from level 53 up to 65. The indicator is clearly on a path to the overbought side, while there is still some space until this level is clearly reached. Moving average of 50 days moves flat, while MA200 is continuing its downtrend. The golden cross is still on a long stick for this coin.
Current charts continue to point that the short term resistance line at $23K is a next target for BTC for the last two weeks. RSI is also waiting for this level in order to finally enter into overbought territory of the market and start its short reversal. Latest market moves are pointing to the high probability for $23K to be reached during the following days. On the opposite side, the coin might modestly revert to $20K to test it for one more time.
Although during the first half of the week selling orders were dominant for the BTC, as of the week-end, the price was strongly supported by the buying orders. BTC started the week by testing the $20K support line to the downside, without success, so the coin reverted to the upside, finishing the week above the level of $21K. This is positive development for BTC as it opens a path for the next short term resistance line at $23K. As of the weekend RSI was pushed from level 53 up to 65. The indicator is clearly on a path to the overbought side, while there is still some space until this level is clearly reached. Moving average of 50 days moves flat, while MA200 is continuing its downtrend. The golden cross is still on a long stick for this coin.
Current charts continue to point that the short term resistance line at $23K is a next target for BTC for the last two weeks. RSI is also waiting for this level in order to finally enter into overbought territory of the market and start its short reversal. Latest market moves are pointing to the high probability for $23K to be reached during the following days. On the opposite side, the coin might modestly revert to $20K to test it for one more time.
