Side trading was dominant for BTC during the previous week. A bit of a higher volatility was imposed by the Moody's downgrade of ten US banks, announcing that some big names on Wall Street are on the schedule to be downgraded in the coming period. The inflation in the US is showing clear signs of slowdown, however, markets are not thrilled about the potential halt of further increase of interest rates by the Fed. Actually, this action has already been priced by the markets, and now, expectations over the future course of Fed's actions are pending. Daily trading volumes on the crypto market continue to decrease, reaching new lows at $35B on a daily basis. Bitcoin was traded sideways during the week. The highest level reached was at $30.2K but only due to news related to Moody's downgrade of ten US banks. Soon the coin returned to its old trading path. Lowest level reached during the week was $28,6K.
With significantly decreased daily trading volumes, BTC is not able to test the resistance line at $30K, nor to test short term support line at $28K. This occurs for a second week in a row. During the week the RSI reached level of 43 but soon returned to the 50 level. However, this does not look like markets turn toward the overbought side, as it is rather one of the last attempts to test potential for the upside. Moving average of 50 days started modestly to converge toward the MA 200, however, it is still too soon to discuss potential cross in the coming period.
BTC continues to be on a cross-road. On one side, there is a potential for upside, however, the market does not have the strength to push the price above the $30K resistance line. On the opposite side, BTC is still pending to clearly test the $28K short term support line. At the same time, RSI is also pointing that it clearly misses testing of the oversold side. Having this in mind, there is potential for BTC to clearly test $28K in the coming week, but in case that daily trading volumes remain low, there is high probability that BTC will continue to move between levels below $30K and above $28K in a week ahead.
With significantly decreased daily trading volumes, BTC is not able to test the resistance line at $30K, nor to test short term support line at $28K. This occurs for a second week in a row. During the week the RSI reached level of 43 but soon returned to the 50 level. However, this does not look like markets turn toward the overbought side, as it is rather one of the last attempts to test potential for the upside. Moving average of 50 days started modestly to converge toward the MA 200, however, it is still too soon to discuss potential cross in the coming period.
BTC continues to be on a cross-road. On one side, there is a potential for upside, however, the market does not have the strength to push the price above the $30K resistance line. On the opposite side, BTC is still pending to clearly test the $28K short term support line. At the same time, RSI is also pointing that it clearly misses testing of the oversold side. Having this in mind, there is potential for BTC to clearly test $28K in the coming week, but in case that daily trading volumes remain low, there is high probability that BTC will continue to move between levels below $30K and above $28K in a week ahead.
