The US macro fundamentals are for one more time in the spotlight of the market. Modest relief was made before latest US inflation figures, however, as inflation in the US has still not reached its peak, market sentiment continues to be under influence of next FED`s moves. Since the end of the last week, the market is positioning for another FED's rate hike, which is supposed to happen on September 20-21st, at the next FOMC meeting.
Previous week was another week in a row, where BTC was testing a $20K support line. Since June this year, this line has been holding strongly. Although BTC tried to break this line on several occasions, the price continuously returned to $20K. Similar situation occurred during the previous week. Lowest level reached during the week was $19.4K, after which, BTC returned to the levels modestly above $20K. Highest level reached during the week was $22.8K. During the second half of the week RSI was pushed from the level of 60 down to 42. Current charts are not pointing that the market is ready to head toward the oversold side. Moving averages of 50 and 200 days slowed down their convergence, currently moving as two parallel lines with a down trend. The golden cross is still far away.
Charts are pointing that BTC will start a week ahead by testing a $20K support line. Positive thing is that this line managed to withhold selling pressure for almost three months. On the other hand, the market is still not eyeing the oversold side, which increases the probability that $20K will continue to hold. Considering that as of the end of the previous week, market already priced potential increase in FED's interest rates, it is not expected that some surprises will occur around September 20th. In case that $20K is not breached to the downside, there is a high probability that BTC will return to the previous levels around $23K to test it once again. At this moment, there are no indications based on charts that the price might go higher from $23K in the coming week.
Previous week was another week in a row, where BTC was testing a $20K support line. Since June this year, this line has been holding strongly. Although BTC tried to break this line on several occasions, the price continuously returned to $20K. Similar situation occurred during the previous week. Lowest level reached during the week was $19.4K, after which, BTC returned to the levels modestly above $20K. Highest level reached during the week was $22.8K. During the second half of the week RSI was pushed from the level of 60 down to 42. Current charts are not pointing that the market is ready to head toward the oversold side. Moving averages of 50 and 200 days slowed down their convergence, currently moving as two parallel lines with a down trend. The golden cross is still far away.
Charts are pointing that BTC will start a week ahead by testing a $20K support line. Positive thing is that this line managed to withhold selling pressure for almost three months. On the other hand, the market is still not eyeing the oversold side, which increases the probability that $20K will continue to hold. Considering that as of the end of the previous week, market already priced potential increase in FED's interest rates, it is not expected that some surprises will occur around September 20th. In case that $20K is not breached to the downside, there is a high probability that BTC will return to the previous levels around $23K to test it once again. At this moment, there are no indications based on charts that the price might go higher from $23K in the coming week.
