Slobodan Drvenica
Windsor Brokers
BTC/USD
BTCUSD firmed on Monday and recovered a part of Friday’s drop, but upside attempts were so far capped by psychological 60K barrier and warning that gains may be short-lived..
Near-term action to keep slight bullish bias above 10 DMA (58440), with rising and thinning daily Ichimoku cloud expected to attract, however lack of firmer positive signals to keep the downside vulnerable, especially while the price stays below 60K pivot.
Negative momentum on daily chart and converged 55/200DMA about to for a death cross, with falling 20DMA on track to form another cross, weigh on near-term action.
Caution on close below 10DMA which would add to formation of reversal pattern on daily chart and risk deeper drop towards 57385 (Fibo 38.2% of 48738/62730) and 55734 (50%) in extension.
Markets await release of US CPI data on Wednesday for fresh signals.
Res: 59428; 60000; 61922; 62171.
Sup: 57628; 57385; 55734; 54251.
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
Arbitrum, Aptos, Starkware, SAND lead $220 million token unlocks next week
Token unlocks data on Friday reveals that the crypto market will see $220 million worth of tokens entering circulation next week amid signs of recovery from the recent market crash.
$560 million Ethereum options expire amid weakening bearish momentum
Ethereum (ETH) is up 0.4% on Friday as ETH ETFs record another day of mild inflows. The recent market crash could also alter earlier predictions of the ETFs, boosting ETH to a new all-time around $5,000.
Key Bitcoin metrics to watch out for ahead of next week following market sell-off
Bitcoin could be set for an interesting week as it struggles to recover from its largest drawdown in the current cycle. This drawdown was sparked by fears of recession, geopolitical tension in the Middle East, and the Japanese yen carry trade.
Ripple set to begin testing stablecoin launch after ending case with SEC
Ripple revealed on Friday that it has begun beta testing for its RLUSD stablecoin, pending regulatory approval for its usage. Meanwhile, XRP has declined over 6% in the past 24 hours but could see a rally after the announcement.
Bitcoin: Can BTC bounce back from recent market crash?
Bitcoin (BTC) trades above $60,000 on Friday after a 7.2% decline and a dip below the $50,000 level earlier in the week, following a test of its daily support level at around $49,900 on Monday.