Markets are slowly warming up supported by the drop in the US inflation figures and expectations that the FED will soon slow down its monetary tightening. All markets gained during the previous week including the crypto market. Based on daily trading volumes it looks like some of the investors are back on the market, however, there are still those who are withholding from entering the market at this point. Fears of recession are still strong, in which sense, clear buying signal is still in the fog.
BTC started the previous week around level of $17K and reached the highest weekly level at $21.2K at Saturday`s trading session. This would be a level of profit-taking for the latest surge in price, considering that RSI reached level of 88, which indicates a heavily overbought market. After this, short term reversal could be expected. Moving averages of 50 and 200 days did not move a lot during the latest price surge, instead they are still moving as two parallel lines, but at least, they are not in the downtrend anymore.
Investors are back on the market, at least part of them, which is certainly good for the prices of crypto assets. RSI reached the overbought side, which could put BTC into short term reversal, at least to test $20K support line, with some probability to return down to the $18K short term support. Further move to the up side is currently under question, considering that new levels should be first tested after a strong push to the higher grounds.
BTC started the previous week around level of $17K and reached the highest weekly level at $21.2K at Saturday`s trading session. This would be a level of profit-taking for the latest surge in price, considering that RSI reached level of 88, which indicates a heavily overbought market. After this, short term reversal could be expected. Moving averages of 50 and 200 days did not move a lot during the latest price surge, instead they are still moving as two parallel lines, but at least, they are not in the downtrend anymore.
Investors are back on the market, at least part of them, which is certainly good for the prices of crypto assets. RSI reached the overbought side, which could put BTC into short term reversal, at least to test $20K support line, with some probability to return down to the $18K short term support. Further move to the up side is currently under question, considering that new levels should be first tested after a strong push to the higher grounds.
