During the previous week it became more than clear that the market was withholding during previous weeks, waiting for a clear signal that the first BTC ETF will be approved by the SEC. First there has been accidental fake news that BTC ETF was approved, when BTC surged for the first time till the level of $30K, and then, during the week, many analysts and market participants expressed their view on a high probability that ETF might be approved in the coming months, as SEC did not appeal the ruling in the Grayscale`s case. This supported BTC`s price to reach once again levels of $30K, with highest weekly prices reached at level of $30.228. BTC is ending the week modestly below the $30K resistance line.
Although BTC started the previous week above the level of $ 27K, the market surge easily broke short term stop at $28K, and headed toward the resistance line at $30K. During this surge, RSI reached a clear overbought side, and continues to move around the level of 73. It seems that the market is still not ready for a short term reversal. Moving average of 50 days started its modest convergence toward the MA200, putting in question the so-called “dead cross” that occurred in September this year.
It is more than evident that markets are currently in a specific mood which is only related to the approval of the first ETF. In such circumstances signals from technical analysis might not be quite useful for a prediction of the future BTC moves, in which sense, some precaution should be considered. Market will start a week ahead by testing the $30K resistance line. RSI is pointing toward the overbought market, where short term reversal might be expected, but, considering circumstances, reversal might be postponed for now. Short market movements might bring BTC back toward the short term stop at $28K. Anyway, any news about ETF approval will be crucial for the BTC price moves in the coming weeks.
Although BTC started the previous week above the level of $ 27K, the market surge easily broke short term stop at $28K, and headed toward the resistance line at $30K. During this surge, RSI reached a clear overbought side, and continues to move around the level of 73. It seems that the market is still not ready for a short term reversal. Moving average of 50 days started its modest convergence toward the MA200, putting in question the so-called “dead cross” that occurred in September this year.
It is more than evident that markets are currently in a specific mood which is only related to the approval of the first ETF. In such circumstances signals from technical analysis might not be quite useful for a prediction of the future BTC moves, in which sense, some precaution should be considered. Market will start a week ahead by testing the $30K resistance line. RSI is pointing toward the overbought market, where short term reversal might be expected, but, considering circumstances, reversal might be postponed for now. Short market movements might bring BTC back toward the short term stop at $28K. Anyway, any news about ETF approval will be crucial for the BTC price moves in the coming weeks.
