As BTC reached its new, highest levels, after the first round of the US-China trade tariffs negotiations were settled, it has been side traded. There have been both attempts for a move toward the higher grounds, and an equal attempt for a move toward the lower grounds, however, neither side prevailed. The weekend news regarding the US sovereign downgrade by Moody's rating agency also did not manage to make any significant impact on the price of BTC. In a sense of a technical analysis, the BTC is currently collecting the energy for the final move toward the one side in the coming period.
The RSI continues to move in the overbought territory for the second week in a row. This is an indication that the reversal might be expected in the coming period. On the opposite side, MA50 is modestly converging toward the MA200, indicating that the cross might come in the next few weeks, as an indication of the potential trend change.
The charts are currently showing the potential for the price break in the coming period, possible also during the week ahead. As BTC was side traded for the last two weeks, there is a formation on charts called triangle, marking highs from 12th May and lows also from this date. The triangle came to an end, which is an indication that the potential break is to be expected. In case that the final break occurs to the upside, the BTC will test again the $105K level reached on 12th May, and a potential for higher grounds. However, if the triangle is broken toward the downside, the first stop will be the level of $102K on a road toward the $100K level.
The RSI continues to move in the overbought territory for the second week in a row. This is an indication that the reversal might be expected in the coming period. On the opposite side, MA50 is modestly converging toward the MA200, indicating that the cross might come in the next few weeks, as an indication of the potential trend change.
The charts are currently showing the potential for the price break in the coming period, possible also during the week ahead. As BTC was side traded for the last two weeks, there is a formation on charts called triangle, marking highs from 12th May and lows also from this date. The triangle came to an end, which is an indication that the potential break is to be expected. In case that the final break occurs to the upside, the BTC will test again the $105K level reached on 12th May, and a potential for higher grounds. However, if the triangle is broken toward the downside, the first stop will be the level of $102K on a road toward the $100K level.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.