There has been a higher volatility on the crypto market during the previous week. The markets are still making shiny steps toward the upside, influenced by the macro sentiment and potential negative effects of the trade tariffs. Uncertainty is still strong on financial markets, where BTC also belongs as now part of mainstream markets. During the week, BTC was traded in a more bearish manner, with shy bullish moves. It still managed to finish the week with a weekly gain.
The lowest weekly level of BTC was at $77,5K at the beginning of the week. The uptrend was holding for the rest of the week, where BTC managed to get back toward the $85K resistance at the end of the week. The RSI reached a clear oversold market side, from where it started the reversal. Current RSI level stands at the level of 43, which is still not showing that the market clearly started its reversal toward the overbought market. The moving average of 50 days started its higher convergence toward the MA200, with still a distance between two lines.
Current charts are showing that the BTC is trying to make some recovery from previous week’s losses. But it seems that this is going to be a heavy task for BTC. Slow moves might continue also during the week ahead. As per current charts, there is a probability for the level of the $90K in the coming week or two. At this moment it is unclear whether the market will have the strength to pass this level. One warning signal coming from charts is that if the $90K is not branched toward the upside, then there would be a potential for a stronger move toward the downside. Still, these moves are for the longer time frame in the future. For the week ahead, it should be considered that the FOMC meeting is scheduled for March 19th, when certainly some volatility can be expected also on the crypto market.
The lowest weekly level of BTC was at $77,5K at the beginning of the week. The uptrend was holding for the rest of the week, where BTC managed to get back toward the $85K resistance at the end of the week. The RSI reached a clear oversold market side, from where it started the reversal. Current RSI level stands at the level of 43, which is still not showing that the market clearly started its reversal toward the overbought market. The moving average of 50 days started its higher convergence toward the MA200, with still a distance between two lines.
Current charts are showing that the BTC is trying to make some recovery from previous week’s losses. But it seems that this is going to be a heavy task for BTC. Slow moves might continue also during the week ahead. As per current charts, there is a probability for the level of the $90K in the coming week or two. At this moment it is unclear whether the market will have the strength to pass this level. One warning signal coming from charts is that if the $90K is not branched toward the upside, then there would be a potential for a stronger move toward the downside. Still, these moves are for the longer time frame in the future. For the week ahead, it should be considered that the FOMC meeting is scheduled for March 19th, when certainly some volatility can be expected also on the crypto market.
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.
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.