During the previous week markets remained relatively flat. They are weighing current economic figures, searching for the clear answer to the question whether the US economy is heading toward recession or maybe still not. Although there is high inflation which FED is trying hard to control with increase of interest rates, still strong US jobs market figures are pointing that recession is still not in store. Bitcoin was traded sideways during the previous week, reflecting the fact that investors are still searching for a right signal in order to choose the trading side.
BTC was traded within a range between $22.4K up to $23.6K during the week. Small trading range was also supported by decreased daily trading volumes. Buying orders were dominant during the Friday trading, but they were not significant in a sense to push the price clearly above the $23K short term support line. Testing of the $25K next resistance line was postponed during the week. RSI reached level of 60 but soon returned to the level of 51. The overbought market is on hold for the moment. On a positive side, the moving average of 50 days clearly stopped its divergence from its MA200 counterpart, but convergence has not yet started.
As per current charts, it is evident that markets are on hold with positioning and in this way, clear market direction. Due to decreased daily trading volumes, there is an increased probability that BTC will continue to test short term support at $23K in the following days. In case that this line is clearly broken, the next support line stands at $20K. On the opposite side, resistance at $25K has not been clearly tested in the past period, which adds to probability that BTC might test this level in the coming period.
BTC was traded within a range between $22.4K up to $23.6K during the week. Small trading range was also supported by decreased daily trading volumes. Buying orders were dominant during the Friday trading, but they were not significant in a sense to push the price clearly above the $23K short term support line. Testing of the $25K next resistance line was postponed during the week. RSI reached level of 60 but soon returned to the level of 51. The overbought market is on hold for the moment. On a positive side, the moving average of 50 days clearly stopped its divergence from its MA200 counterpart, but convergence has not yet started.
As per current charts, it is evident that markets are on hold with positioning and in this way, clear market direction. Due to decreased daily trading volumes, there is an increased probability that BTC will continue to test short term support at $23K in the following days. In case that this line is clearly broken, the next support line stands at $20K. On the opposite side, resistance at $25K has not been clearly tested in the past period, which adds to probability that BTC might test this level in the coming period.
