The FOMC meeting held during the previous week brought back at least some level of confidence on financial markets. This time, the increased positive sentiment was reflected also on the crypto market, and its major coin, BTC. Increased demand for riskier assets brought back BTC to levels above the $100K. This coin is ending the week at levels above the $103K.
As of the end of the week, the RSI reached the level of 76, which is treated as highly overbought market side in technical analysis. The moving average of 50 days continues to converge toward the MA200, indicating a potential for another cross in the coming period. Just as a reminder, at the beginning of April, the two lines made the so-called “dead cross”, swiftly after, the trend changed to the upside.
Investors' confidence is back on the market, however, it should be considered that US-China trade negotiations are expected to start soon, which would most certainly bring back some higher volatility and nervousness among market participants. On a longer scale of time, BTC will most certainly seek the way to test its current ATH and even to make the new ones. However, on a shorter time scale, this road will be marked with ups and downs. The current $103K level will be tested at the start of the week. Some short term reversal is quite possible, at least to the level of current support line at $100K. A move toward the higher grounds is also possible, to some extent, however, at this moment, it should not be expected to be a significant one.
As of the end of the week, the RSI reached the level of 76, which is treated as highly overbought market side in technical analysis. The moving average of 50 days continues to converge toward the MA200, indicating a potential for another cross in the coming period. Just as a reminder, at the beginning of April, the two lines made the so-called “dead cross”, swiftly after, the trend changed to the upside.
Investors' confidence is back on the market, however, it should be considered that US-China trade negotiations are expected to start soon, which would most certainly bring back some higher volatility and nervousness among market participants. On a longer scale of time, BTC will most certainly seek the way to test its current ATH and even to make the new ones. However, on a shorter time scale, this road will be marked with ups and downs. The current $103K level will be tested at the start of the week. Some short term reversal is quite possible, at least to the level of current support line at $100K. A move toward the higher grounds is also possible, to some extent, however, at this moment, it should not be expected to be a significant one.
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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.