Bitcoin continues to be the most traded coin on the crypto market. This comes as a result of both mixed market sentiment over potential contingencies of the recent banking crisis and increased market optimism that the FED might soon stop with its monetary tightening, as inflation is slowing down. During the previous week BTC managed to cross the $30K resistance line, moving to the highest weekly level at $31K. Still, the coin is ending the week by testing the $30K support line.
During the week the RSI indicator reached a clear overbought side of the market, indicating a potential for a short term reversal in the coming period. Daily trading volumes were modestly increased, compared to pre-holiday trading levels, with still mixed prevailing both selling and buying orders. Moving average of 50 days continues with its divergence from its MA200 counterpart, still supporting the Golden cross, occurred some time ago.
Current charts are showing potential for a short term reversal, considering that RSI reached a clear overbought side. In this sense, the price might revert a bit to the level of $28K. There is no indication that the price might fall below this level. On the opposite side, there is some potential that the price might test next short term resistance at 33K , only in case that the strong demand for BTC continues also in the coming period.
During the week the RSI indicator reached a clear overbought side of the market, indicating a potential for a short term reversal in the coming period. Daily trading volumes were modestly increased, compared to pre-holiday trading levels, with still mixed prevailing both selling and buying orders. Moving average of 50 days continues with its divergence from its MA200 counterpart, still supporting the Golden cross, occurred some time ago.
Current charts are showing potential for a short term reversal, considering that RSI reached a clear overbought side. In this sense, the price might revert a bit to the level of $28K. There is no indication that the price might fall below this level. On the opposite side, there is some potential that the price might test next short term resistance at 33K , only in case that the strong demand for BTC continues also in the coming period.
