There has been increased optimism on the financial markets during the previous week, supported with slow down of inflation in the US. Markets perceive these figures through potential moves of the FED, where expectations are in terms of slowing down the monetary tightening. However, some analysts are pointing that it might be too early to expect that the FED will not make another rate hike. As per some analysts, a strong jobs market might support another rate hike in September. At this point there have not been official comments from the FED on this topic, in which sense, markets continue to be optimistic.
During the previous week BTC slowly and gradually moved to higher grounds. The coin started the week modestly above $22K and moved to the highest weekly level at $24.8. Resistance line at $25K has not been tested, which leaves space for the coin to make this move in the coming days. RSI made a move from 54 up to 62, however, there is still a way to go until a clear overbought market is reached. On a positive side, the moving average of 50 days started to modestly converge toward the MA200 counterpart, but the potential golden cross is still far away.
Current charts are clearly pointing that $25K is the next line to be tested in the coming period. In case that this line is breached to the upside, the next target of BTC would be $28K short term resistance. At this point on the charts, there is a low probability that the next level could be reached within the next week. On the opposite side, a short term support line at $23K might be tested for one more time, before BTC reverts to the upside.
During the previous week BTC slowly and gradually moved to higher grounds. The coin started the week modestly above $22K and moved to the highest weekly level at $24.8. Resistance line at $25K has not been tested, which leaves space for the coin to make this move in the coming days. RSI made a move from 54 up to 62, however, there is still a way to go until a clear overbought market is reached. On a positive side, the moving average of 50 days started to modestly converge toward the MA200 counterpart, but the potential golden cross is still far away.
Current charts are clearly pointing that $25K is the next line to be tested in the coming period. In case that this line is breached to the upside, the next target of BTC would be $28K short term resistance. At this point on the charts, there is a low probability that the next level could be reached within the next week. On the opposite side, a short term support line at $23K might be tested for one more time, before BTC reverts to the upside.
