Bitcoin: soon overbought
BTC bulls won the fight during the previous week, however, it was grounded on unfortunate events. Namely, the assassination attempt on the US Presidential candidate, Donald Trump, was the trigger which left the world in shock, however, at the same time, increased Trump's odds to win the presidential elections. The game story with the crypto market is that Trump supports crypto currencies, in which sense, all large crypto investors turned to provide support to Trump in expectation that they will profit from the crypto industry, which Trump is supporting. This simple investors strategy pushed the price of BTC to much higher grounds, defining its further path. However, analysts are not quite happy mixing politics with financial markets. The initial question is what will happen if investors' favorite candidate does not win the US elections? In this case could it be expected a stronger pull-out of funds from the crypto market?
Nevertheless, the current situation is bringing back investors to BTC and pushing its price to the levels above $ 67K at Saturday trading session. The second unfortunate event occurred on Friday, with the largest IT outage occurring during the update of Microsoft operating system.
Two weeks ago, BTC was testing the 60K resistance line, however, after developments last Sunday, this level was easily breached, as well as the next resistance at 65K. BTC is currently traded above the 67K. Interestingly, even with such a strong push in the price, the RSI indicator did not reach a clear overbought market side. The indicator currently stands at the level of 65, which leaves some space for further push to the upside. Moving averages of 50 and 200 days continue to move as two parallel lines with a higher distance, not implying that the potential cross might come anytime soon.
Current charts are indicating some potential for further surge in the price of BTC. The level of $ 67K is not a significant one for BTC, which increases probability that the level of 68K resistance might be the next target of BTC. At this moment, the 70K is under question mark. In case of a short reversal, there is some potential that the $ 65K support line might be tested.
Nevertheless, the current situation is bringing back investors to BTC and pushing its price to the levels above $ 67K at Saturday trading session. The second unfortunate event occurred on Friday, with the largest IT outage occurring during the update of Microsoft operating system.
Two weeks ago, BTC was testing the 60K resistance line, however, after developments last Sunday, this level was easily breached, as well as the next resistance at 65K. BTC is currently traded above the 67K. Interestingly, even with such a strong push in the price, the RSI indicator did not reach a clear overbought market side. The indicator currently stands at the level of 65, which leaves some space for further push to the upside. Moving averages of 50 and 200 days continue to move as two parallel lines with a higher distance, not implying that the potential cross might come anytime soon.
Current charts are indicating some potential for further surge in the price of BTC. The level of $ 67K is not a significant one for BTC, which increases probability that the level of 68K resistance might be the next target of BTC. At this moment, the 70K is under question mark. In case of a short reversal, there is some potential that the $ 65K support line might be tested.
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Pubblicazioni correlate
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.