The fears regarding future US economic outlook are still strong among investors. The Fed held its FOMC meeting during the previous week, holding for one more time interest rates unchanged. On the other hand, Fed officials acknowledged uncertainties originating from moves from the US Administration, mostly related to trade tariffs. The US equity markets are trying very hard to sustain a positive mood, however, it is not an easy task under current circumstances. This is why markets generally slowed down a bit, waiting for more clarity in which direction the US economy will go till the end of this year. The same sentiment is impacting the crypto market.
During the previous week, BTC tried to hold a positive sentiment, reaching the highest weekly level at $87,4K. However, the coin soon reverted back to the levels above the $84K. Fridays and Saturdays trading sessions passed in a quite silent mood, oscillating around the $84,5K, without any sort of direction. The RSI continues to move around the level of 45, again not providing a clear signal that the market is ready for a move toward any side. The moving average of 50 days continues to strongly converge toward the MA200, from the upper side, implying that the cross might come quite soon.
Quietness is not a good signal from the market. It means that something much bigger is coming in the near future, in terms of price moves. As per current BTC charts, there is some space for the upside, but now only till the level of $88K. A lower ground might come with lower probability. As long as uncertainty interferes with market sentiment, some higher moves to either side could not be expected.
During the previous week, BTC tried to hold a positive sentiment, reaching the highest weekly level at $87,4K. However, the coin soon reverted back to the levels above the $84K. Fridays and Saturdays trading sessions passed in a quite silent mood, oscillating around the $84,5K, without any sort of direction. The RSI continues to move around the level of 45, again not providing a clear signal that the market is ready for a move toward any side. The moving average of 50 days continues to strongly converge toward the MA200, from the upper side, implying that the cross might come quite soon.
Quietness is not a good signal from the market. It means that something much bigger is coming in the near future, in terms of price moves. As per current BTC charts, there is some space for the upside, but now only till the level of $88K. A lower ground might come with lower probability. As long as uncertainty interferes with market sentiment, some higher moves to either side could not be expected.
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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.