As BTC entered into the mainstream markets, it was expected that the coin would start to react to all the news which affected the mainstream markets. As geopolitical risks arose again during the previous week, the price of BTC finally broke the side trading during the past period, and followed the market sentiment toward the downside. The first part of the week, BTC was traded with a strong downtrend, reaching the lowest weekly level at $79K. This was the level from where buyers started to act, returning the price of BTC toward the $85K, the resistance line.
Technical indicators were reacting to such strong movements of BTC. The RSI reached the clearly oversold market side, while it is ending the week at the level of 30. The MA50 started a clear convergence toward the MA200, but as there is a high distance between two lines, the potential cross is still not in the store.
For the week ahead, it could be expected a short term consolidation for BTC. The coin is currently testing the $85K resistance line, which will continue to test at the start of the week ahead. As per current charts, there is some probability that the next resistance level at $90K could be shortly tested. On the opposite side, charts are indicating levels between $ 82K and $83K. It should be also considered that NFP data are scheduled for the release in the week ahead, in which sense, some volatility might be back during the release of data.
Technical indicators were reacting to such strong movements of BTC. The RSI reached the clearly oversold market side, while it is ending the week at the level of 30. The MA50 started a clear convergence toward the MA200, but as there is a high distance between two lines, the potential cross is still not in the store.
For the week ahead, it could be expected a short term consolidation for BTC. The coin is currently testing the $85K resistance line, which will continue to test at the start of the week ahead. As per current charts, there is some probability that the next resistance level at $90K could be shortly tested. On the opposite side, charts are indicating levels between $ 82K and $83K. It should be also considered that NFP data are scheduled for the release in the week ahead, in which sense, some volatility might be back during the release of data.
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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.