Bitcoin: long road to recovery
Considering general circumstances on the financial markets, it could be noted that the BTC had a relatively good week. BTC increased its market cap by 110B, which is an increase of 3% on a weekly basis. Still, it is too early to speak about a potential recovery road, as market fragility continues. The anticipation about FTX contingency is still holding investors from the crypto market, which is also expressed through decreased daily trading volumes. Considering general market uncertainty, BTC and other crypto currencies will have a long road till any significant recovery.
Previous week BTC started at its lowest weekly level at 16K. During the whole week, the market was oriented toward the upside. Highest weekly level was reached at the mid of the week at level of 17.3K. Since then, the market modestly reverted to the downside, ending the week by testing 17K short term support line to the downside. During the week there has been equal participation of both buying and selling orders. RSI remained below the 50 line during the week, indicating that the market is still not ready for a stronger push to the upside. Moving averages continue to move as two parallel lines with downtrend, still without any indication that potential cross might occur anytime soon.
Charts are not showing that actual recovery is still on the road for BTC. Moves from the previous week show that there is still no market strength for the price to be pushed to the higher grounds. This trend will continue until potential for FTX contingencies settles down to minimum. It might take a few more weeks until investors' confidence is fully restored. Until then, BTC might continue to move in a current range, between 16K support line and eventually, 18K resistance. Stronger moves should not be expected for the moment.
Previous week BTC started at its lowest weekly level at 16K. During the whole week, the market was oriented toward the upside. Highest weekly level was reached at the mid of the week at level of 17.3K. Since then, the market modestly reverted to the downside, ending the week by testing 17K short term support line to the downside. During the week there has been equal participation of both buying and selling orders. RSI remained below the 50 line during the week, indicating that the market is still not ready for a stronger push to the upside. Moving averages continue to move as two parallel lines with downtrend, still without any indication that potential cross might occur anytime soon.
Charts are not showing that actual recovery is still on the road for BTC. Moves from the previous week show that there is still no market strength for the price to be pushed to the higher grounds. This trend will continue until potential for FTX contingencies settles down to minimum. It might take a few more weeks until investors' confidence is fully restored. Until then, BTC might continue to move in a current range, between 16K support line and eventually, 18K resistance. Stronger moves should not be expected for the moment.
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