The minute that traders started to call the BTC market as “boring”, BTC decided to show them some action. Price moves as seen during the previous week the market participants were waiting for some time in the past. The price of BTC finally moved from the $60K support and it was pushed toward the highest close at $67.500 in midweek. However, it encountered resistance at this level and saw some retracement, closing the week around $66.5K. The market sentiment for BTC remains long-term bullish, however, some retracements are possible during the time. This is what charts showed during the previous week.
The RSI reached the level of 57, which is close to the overbought market side. It shows that there is still space for the price of BTC to move to the higher grounds, until the clear overbought market is reached. At the same time, the moving average of 50 days slowed down its divergence from its MA200 counterpart and is currently looking to start a clear convergence, which will be an indication of a potential cross in the future period. However, it should be noted that the potential for a trend reversal is on a long stick.
A strong price push toward one side usually implies a potential for a short term reversal in the coming period. As per current charts, a short reversal is possible, but the price will not return to levels from two weeks before. It seems rather like a short retracement toward the $ 65K level. There is also potential for the upside in the coming period, with relatively smaller probability that $70K resistance might be tested.
The RSI reached the level of 57, which is close to the overbought market side. It shows that there is still space for the price of BTC to move to the higher grounds, until the clear overbought market is reached. At the same time, the moving average of 50 days slowed down its divergence from its MA200 counterpart and is currently looking to start a clear convergence, which will be an indication of a potential cross in the future period. However, it should be noted that the potential for a trend reversal is on a long stick.
A strong price push toward one side usually implies a potential for a short term reversal in the coming period. As per current charts, a short reversal is possible, but the price will not return to levels from two weeks before. It seems rather like a short retracement toward the $ 65K level. There is also potential for the upside in the coming period, with relatively smaller probability that $70K resistance might be tested.
