The US macro data officially published for September shows that inflation is slowing down. Although this might be a positive signal for markets, still, the modest slowdown of 0.1% in September does not provide clear evidence that the FED will not further increase interest rates at its next meeting, at least per opinion of many economists. Due to this uncertainty, the crypto market has been on hold for the last three weeks. Modest movements are driving the market to the downside, but, on a positive side, these moves are still incremental with significantly decreased market volatility. Also, on a positive side is that the crypto market is losing less than the equity market, in which sense and for the moment, the crypto market provides better opportunities for investors. As noted, this is at least for this moment.
During the previous week BTC continued to move in a relatively short price range, from $18.8K up to $19.9K. During only one occasion the price tested $18.2K, however, it soon reverted back to $19K levels. This implies a conclusion that the market is trying to test the price to the downside, however, there is still no potential for the price to find sustainability at lower levels. On the other hand, the resistance line at $20K has not been clearly tested during the week, which again shows that there is no market strength for either side. If we take into account significantly decreased daily trading volumes on the crypto market, then such price moves might be easily understood. Investors are still reluctant to take a clear side of the market.
In line with the spot market ranges, RSI was making incremental moves between 43 and 46. The market is still more oriented toward the oversold side, however, there is still space for the price to go to the downside, until this level is clearly reached. Moving averages of 50 and 200 days continue to move as two parallel lines with down trend, showing that the golden cross is not in store for some time in the future.
Charts continue to point that the BTC is on a crossroad for the second week in a row. There is no market strength for the price to be pushed to either side. However what we have seen in the previous week is that there have been attempts to push the price to the downside, toward the $18K support line. This was a short move, but it shows that the market is trying to break the current status-quo on the market, seeking new levels which would increase volatility and bring investors back to the market. As long as there is a highly uncertain macroeconomic situation, the market might miss such moves. In this sense, there is a high probability that the BTC will continue to move within the old range, between $19K and $20K, until the final break either to the up- or downside.
During the previous week BTC continued to move in a relatively short price range, from $18.8K up to $19.9K. During only one occasion the price tested $18.2K, however, it soon reverted back to $19K levels. This implies a conclusion that the market is trying to test the price to the downside, however, there is still no potential for the price to find sustainability at lower levels. On the other hand, the resistance line at $20K has not been clearly tested during the week, which again shows that there is no market strength for either side. If we take into account significantly decreased daily trading volumes on the crypto market, then such price moves might be easily understood. Investors are still reluctant to take a clear side of the market.
In line with the spot market ranges, RSI was making incremental moves between 43 and 46. The market is still more oriented toward the oversold side, however, there is still space for the price to go to the downside, until this level is clearly reached. Moving averages of 50 and 200 days continue to move as two parallel lines with down trend, showing that the golden cross is not in store for some time in the future.
Charts continue to point that the BTC is on a crossroad for the second week in a row. There is no market strength for the price to be pushed to either side. However what we have seen in the previous week is that there have been attempts to push the price to the downside, toward the $18K support line. This was a short move, but it shows that the market is trying to break the current status-quo on the market, seeking new levels which would increase volatility and bring investors back to the market. As long as there is a highly uncertain macroeconomic situation, the market might miss such moves. In this sense, there is a high probability that the BTC will continue to move within the old range, between $19K and $20K, until the final break either to the up- or downside.
