It looks like FTX contingencies are still shaping sentiment on the crypto market. During the previous week, negative news related to Silvergate bank impacted the crypto market to turn to the downside. Daily trading volumes were significantly decreased, which is pointing that investors are on hold, waiting for further information on the scale of potential issues which Silvergate bank might have and its overall impact on the crypto market and further, to the crypto exchangers. During the previous week BTC lost some of its value, decreasing its market cap by more than 3%.
Although the coin started the previous week around a short term stop at $23K, due to negative news, the coin reverted to the down side, reaching $22K as lowest weekly level. BTC is ending the week with prevailing selling orders and pressures to the downside. In line with the spot price, RSI moved below the 50 line, reaching level of 42. This is a clear signal that the market is currently more oriented toward the oversold side. Moving average of 50 days is still diverging from its MA200 counterpart, still confirming the Golden cross occurred a few weeks ago.
Current charts are showing that there is continued pressure to the downside. RSI is also pointing that the price might reach the oversold side in the coming period. This increases the probability that the price of BTC might start week ahead with further downside orientation, at least until the level of $21,5K where the previous short-term stop was, three weeks ago. At this moment, charts are pointing to lower probability that the $20K support line might be reached. On the opposite side there is some probability that a short term stop at $23K might be tested again in a week ahead.
Although the coin started the previous week around a short term stop at $23K, due to negative news, the coin reverted to the down side, reaching $22K as lowest weekly level. BTC is ending the week with prevailing selling orders and pressures to the downside. In line with the spot price, RSI moved below the 50 line, reaching level of 42. This is a clear signal that the market is currently more oriented toward the oversold side. Moving average of 50 days is still diverging from its MA200 counterpart, still confirming the Golden cross occurred a few weeks ago.
Current charts are showing that there is continued pressure to the downside. RSI is also pointing that the price might reach the oversold side in the coming period. This increases the probability that the price of BTC might start week ahead with further downside orientation, at least until the level of $21,5K where the previous short-term stop was, three weeks ago. At this moment, charts are pointing to lower probability that the $20K support line might be reached. On the opposite side there is some probability that a short term stop at $23K might be tested again in a week ahead.
