As expected, BTC eased a bit during the previous week. Two weeks ago, BTC celebrated its anniversary, so-called Pizza Day, with a fresh new all time highest level at $111,6K. After the strong push to the upside, it was expected that some profit taking would take place in which sense, the price of BTC will revert a bit. During Saturdays trading, BTC reached the lowest weekly level at $103,2K, but is ending the week above the $104K.
The RSI moved down from the strongly overbought market side, reaching the level of 50 as of the weekend. It is still not a clear indication that investors are eyeing the oversold market side, as long as RSI is moving above the 50 levels. The MA50 continues to strongly diverge from MA200, confirming further the golden cross occurred two weeks ago.
BTC recently returned to the levels from the beginning of May, and might spend some time testing these levels in the week ahead. This could imply movements between the $102K and $104K. Charts are pointing that the next historical support line is at $102K level, which easily might be tested in the week ahead. However, there is also equal probability for the short term reversal in the week ahead, where BTC might again shortly test levels around the $106K. Return toward the $109K is also possible, based on charts, but with a lower level of probability.
The RSI moved down from the strongly overbought market side, reaching the level of 50 as of the weekend. It is still not a clear indication that investors are eyeing the oversold market side, as long as RSI is moving above the 50 levels. The MA50 continues to strongly diverge from MA200, confirming further the golden cross occurred two weeks ago.
BTC recently returned to the levels from the beginning of May, and might spend some time testing these levels in the week ahead. This could imply movements between the $102K and $104K. Charts are pointing that the next historical support line is at $102K level, which easily might be tested in the week ahead. However, there is also equal probability for the short term reversal in the week ahead, where BTC might again shortly test levels around the $106K. Return toward the $109K is also possible, based on charts, but with a lower level of probability.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.