The story about the first ETH ETF continues to shape the crypto market sentiment for the second week in a row. SEC made its initial approval, but the question still stands when they will approve the first ETF to be officially listed. In this sense, the market took a moment to reflect on this information, so the BTC trading was a bit left behind the spectrum of investors. The BTC price was moving in a relatively short range during the week, between levels of $70.489 and $66.902. The $70K resistance has been tested for one more time, but again, without a market strength to finally break it.
The RSI is moving away from the overbought market side, currently osculating above the level of 50. However, without a clear push of the price toward the upside, it could be expected that the indicator will slowly start its path toward the oversold market side. Moving average of 50 days is moving as a parallel line with its MA200 counterpart. There is still no space for a potential cross in a short period of time.
The charts are still mixed a bit. It is interesting that from the mid-March this year, the market could not find a strength to sustain prices above the $70K level. Sort of market exhaustion is evident on the BTC market, in which sense, some reversal might be possible in the coming period. This is not necessarily a bad thing, as a prop in price will increase its volatility and buy-the-dip buyers will for one more time push the price of the BTC to the higher grounds. At this point on short term charts, it is unclear where this price might stand. Looking at the higher frame, the level of $ 65K is marked, however, the support line at $60K stands as the end of the cycle. For the week ahead, there is lower probability for a $ 65K support line, but also low probability that $70K resistance could be breached.
The RSI is moving away from the overbought market side, currently osculating above the level of 50. However, without a clear push of the price toward the upside, it could be expected that the indicator will slowly start its path toward the oversold market side. Moving average of 50 days is moving as a parallel line with its MA200 counterpart. There is still no space for a potential cross in a short period of time.
The charts are still mixed a bit. It is interesting that from the mid-March this year, the market could not find a strength to sustain prices above the $70K level. Sort of market exhaustion is evident on the BTC market, in which sense, some reversal might be possible in the coming period. This is not necessarily a bad thing, as a prop in price will increase its volatility and buy-the-dip buyers will for one more time push the price of the BTC to the higher grounds. At this point on short term charts, it is unclear where this price might stand. Looking at the higher frame, the level of $ 65K is marked, however, the support line at $60K stands as the end of the cycle. For the week ahead, there is lower probability for a $ 65K support line, but also low probability that $70K resistance could be breached.
