The status-quo on financial markets continues, including the crypto market as part of the mainstream markets. Investors are still reluctant to decide on a trading side, considering that there is still one question that is pending a clear answer – will the FED continue to increase interest rates? The economic activity in the US is slowing down, as well as inflation, as official figures are showing; still the next FED move remains unclear at this moment. This is the exact moment which makes investors reluctant to choose the trading side, and the moment which is dragging trading volumes to the downside.
During the previous week BTC was traded within a very short range. The price was moving between levels of $19.6K and $18.7K. BTC is ending the week modestly above $19K level. Daily trading volumes are further decreased. RSI tried to reach level of 50 at the beginning of the week, but ended the week around level of 45. This shows that the current market is still not ready for a move toward the overbought side. Moving averages of 50 and 200 days continue to move as two parallel lines with clear downtrend, without an indication that the golden cross might come any time soon.
In the current macroeconomic environment it is clear that the macro fundamentals are the only ones which can move the markets to one side. As long as there is investor`s insecurity present, it could be expected for the price of BTC and other major coins to move in a flat manner. From the mid-August we have not seen any significant move from the BTC. This might continue also within the short future period. On a positive side is that the $18K support line has not been clearly tested, in which sense, the market is still more oriented toward the $20K resistance. Futures are also showing market expectations for the price of BTC to hold above $19K on a longer term. Still, some precaution is advisable during these sensitive times. In case of more negative economic news, the price might be pushed further to the downside.
During the previous week BTC was traded within a very short range. The price was moving between levels of $19.6K and $18.7K. BTC is ending the week modestly above $19K level. Daily trading volumes are further decreased. RSI tried to reach level of 50 at the beginning of the week, but ended the week around level of 45. This shows that the current market is still not ready for a move toward the overbought side. Moving averages of 50 and 200 days continue to move as two parallel lines with clear downtrend, without an indication that the golden cross might come any time soon.
In the current macroeconomic environment it is clear that the macro fundamentals are the only ones which can move the markets to one side. As long as there is investor`s insecurity present, it could be expected for the price of BTC and other major coins to move in a flat manner. From the mid-August we have not seen any significant move from the BTC. This might continue also within the short future period. On a positive side is that the $18K support line has not been clearly tested, in which sense, the market is still more oriented toward the $20K resistance. Futures are also showing market expectations for the price of BTC to hold above $19K on a longer term. Still, some precaution is advisable during these sensitive times. In case of more negative economic news, the price might be pushed further to the downside.
