Bitcoin: MA made a cross?
After a week with a strong push to the upside, BTC was traded in a sort of more relaxed mode during the previous week. A recently reached higher level at $69,2K was tested at the beginning of the week, and without a strength for higher grounds, BTC reverted to the downside. The lowest weekly level reached was $65,5K at one occasion. The majority of time, BTC spent around the $ 67K level.
The RSI is still holding above the 50 level, closing the week at the level of 57. This is indication that the market is still not ready to start its clear path toward the oversold market side. The most interesting development in the technical analysis is currently occurring with MA 50 and MA200 lines. The lines closed the week at the same level, which strongly points to potential for a clear cross in the coming period. The cross is an indicator of a potential for a trend change, which, in this case, would be positive for BTC.
The week ahead is bringing some important macro data for the US. The PCE and NFP are set for a release. Considering current market high sensitivity to inflation data, there is probability for a higher volatility during the week. As per current charts, BTC might spend some time testing the current $ 67K level. There is also a smaller probability that the price might shortly revert to the $ 65K support line. However, it should not be a surprise if the price moves again toward the 69K level to test the higher grounds.
The RSI is still holding above the 50 level, closing the week at the level of 57. This is indication that the market is still not ready to start its clear path toward the oversold market side. The most interesting development in the technical analysis is currently occurring with MA 50 and MA200 lines. The lines closed the week at the same level, which strongly points to potential for a clear cross in the coming period. The cross is an indicator of a potential for a trend change, which, in this case, would be positive for BTC.
The week ahead is bringing some important macro data for the US. The PCE and NFP are set for a release. Considering current market high sensitivity to inflation data, there is probability for a higher volatility during the week. As per current charts, BTC might spend some time testing the current $ 67K level. There is also a smaller probability that the price might shortly revert to the $ 65K support line. However, it should not be a surprise if the price moves again toward the 69K level to test the higher grounds.
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