Previous week was the one devoted to macro data. There has not been much developments on the crypto market fundamental side which impact the market sentiment. The US jobs data were the ones that shaped investors sentiment, in which sense, investors were more oriented on traditional markets. The price of BTC was moving again in a relatively short trading range, between levels of $67,7K up to $71.7K. It is interesting that during the Saturday`s trading session, BTC was moving in a range of only a few pips. This is a considerable slow down for BTC, not seen frequently on the market. BTC is ending the week modestly below the $70K support line.
The RSI is still moving slowly around the 55 level, indicating that the market is just not ready for the move toward the oversold market side. Moving average of 50 days is still slowly diverging from its MA200 counterpart, without indication that the cross might come anytime soon, and in line with it, the change of trend.
As per current charts, it seems that the BTC market has completely exhausted itself. This is usually a positive sign on traditional markets, which indicates that a major breakthrough is going to occur in order to start a new cycle of volatility. Since March this year, BTC has been trying heavily to break the $70K resistance line, but it always went without success. This was the case also during the previous week. Another attempt was without success. The jobs data for one more time pushed the price of BTC back to $70K and levels modestly below it. So, the question is what the market is waiting for? At this moment Fed's interest rate decision is in the focus of market participants, so BTC would most probably have to wait for another week, until market returns interest for the crypto assets. As per current charts, some retracements might be probable in the coming period. However, whether it is going to be within the week ahead, stays unclear. Eventually $ 67K might be the next short term target of the BTC, if the market decides to start final retracement toward the oversold market side.
The RSI is still moving slowly around the 55 level, indicating that the market is just not ready for the move toward the oversold market side. Moving average of 50 days is still slowly diverging from its MA200 counterpart, without indication that the cross might come anytime soon, and in line with it, the change of trend.
As per current charts, it seems that the BTC market has completely exhausted itself. This is usually a positive sign on traditional markets, which indicates that a major breakthrough is going to occur in order to start a new cycle of volatility. Since March this year, BTC has been trying heavily to break the $70K resistance line, but it always went without success. This was the case also during the previous week. Another attempt was without success. The jobs data for one more time pushed the price of BTC back to $70K and levels modestly below it. So, the question is what the market is waiting for? At this moment Fed's interest rate decision is in the focus of market participants, so BTC would most probably have to wait for another week, until market returns interest for the crypto assets. As per current charts, some retracements might be probable in the coming period. However, whether it is going to be within the week ahead, stays unclear. Eventually $ 67K might be the next short term target of the BTC, if the market decides to start final retracement toward the oversold market side.
