During the previous week BTC followed general market sentiment, which was in a mixed mode. Friday brought a direction, after Fed Chair Powell's speech at the Jackson Hole Symposium, where he indicated potential for a rate cut in the coming period. As a part of mainstream markets, BTC again followed the sentiment, moving strongly to the higher grounds, reaching the $117,5K level.
Regardless of Friday's push to the upside, during the week, BTC weekend significantly, touching the level of $112,1K. This was exactly the lowest level of BTC at the beginning of August. Saturday trading session brought back BTC relaxation, moving around the $115K. Obviously some profit-taking took place after Friday's push to the $117K. What is still a bit problematic from the point of technical analysis, is that the RSI has not passed the 50 level on Friday, indicating that the market is still not clear regarding the upside move. On the other hand, MA50 continues to diverge from the MA200, without any indication that the potential cross is near.
Current BTC charts are a bit tricky from the perspective of technical analysis. Namely, Friday's move toward the $117K showed that there are investors who are waiting for the right moment to go long BTC. However, a swift profit-taking occurred on Saturday showed that the market is still not clear when it comes to the trading side. For the week ahead, probabilities are equal for both up and down sides, while the start of the week will determine the future course. In case that currently tested support at $115K is broken, then the market will most probably move back to the $112K. If $115K holds, then there is a high probability that $117K will be tested again.
Regardless of Friday's push to the upside, during the week, BTC weekend significantly, touching the level of $112,1K. This was exactly the lowest level of BTC at the beginning of August. Saturday trading session brought back BTC relaxation, moving around the $115K. Obviously some profit-taking took place after Friday's push to the $117K. What is still a bit problematic from the point of technical analysis, is that the RSI has not passed the 50 level on Friday, indicating that the market is still not clear regarding the upside move. On the other hand, MA50 continues to diverge from the MA200, without any indication that the potential cross is near.
Current BTC charts are a bit tricky from the perspective of technical analysis. Namely, Friday's move toward the $117K showed that there are investors who are waiting for the right moment to go long BTC. However, a swift profit-taking occurred on Saturday showed that the market is still not clear when it comes to the trading side. For the week ahead, probabilities are equal for both up and down sides, while the start of the week will determine the future course. In case that currently tested support at $115K is broken, then the market will most probably move back to the $112K. If $115K holds, then there is a high probability that $117K will be tested again.
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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.