Bitcoin: bulls and bears can’t agree
Based on market movements of BTC during the previous week, it could be concluded that bulls and bears cannot agree who is willing to take charge on the BTC market. There has been a solid volatility during the week, however, it was only within a relatively short range (for BTC), between levels of 56K and 58K. Still, there have been some attempts to push the price to lower and also higher grounds on several occasions, so the highest-lowest range of BTC`s price during the week was $54.576 and $59.480. At the end of the week, neither side prevailed. Due to such swings in the market sentiment, it could not be even concluded that the BTC is side trading. A better description of the market would be that traders don't have a clue which side to trade at this moment. It is true that BTC passed through strong selling pressure within the last month, so probably the majority of traders are still wondering if the huge sell off of BTC is finally over or there is probability for further surprises.
Two weeks ago the RSI reached a clear oversold market side, which was an indication of a potential reversal to the upside. Still, the indicator managed to reach the level of 42 during the previous week, while the market was still not ready to pass the line of 50 and head toward the overbought side. Moving average of 50 days started a stronger convergence toward the MA200 counterpart. The cross is still not so close, however, if the trend lines continue their moves in the same direction, the cross might occur sooner than expected.
Current charts are indicating potential for the upside and short reversal indicated by the RSI. Still, based on current relatively lower trading volumes, it should not be expected to make any significant moves. The level of 58K is currently tested by the market and its potential for upside. There is some probability for the resistance line of the 60K to be tested in the coming week. Still, charts are not indicating that this line could be breached to the upside. There is also equal probability that the market will also test lower levels, probably 57K, eventually 56K.
Two weeks ago the RSI reached a clear oversold market side, which was an indication of a potential reversal to the upside. Still, the indicator managed to reach the level of 42 during the previous week, while the market was still not ready to pass the line of 50 and head toward the overbought side. Moving average of 50 days started a stronger convergence toward the MA200 counterpart. The cross is still not so close, however, if the trend lines continue their moves in the same direction, the cross might occur sooner than expected.
Current charts are indicating potential for the upside and short reversal indicated by the RSI. Still, based on current relatively lower trading volumes, it should not be expected to make any significant moves. The level of 58K is currently tested by the market and its potential for upside. There is some probability for the resistance line of the 60K to be tested in the coming week. Still, charts are not indicating that this line could be breached to the upside. There is also equal probability that the market will also test lower levels, probably 57K, eventually 56K.
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Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.