Key points:
- The BTC price chart, last week’s candle, formed a doji candle, reflecting the difficulty in deciding between buyers and sellers.
- The RSI indicator is currently at the resistance level and moving into the 70 zone, which is a sign of support for a correction in the coming days.
This week, the BTC price chart shows that the price has not yet returned to test the $30.5K level. However, the price is currently at the support level of $30.5K. The price may continue to move sideways in the range of $30.5K to $31.5K.
The BTC price chart weekly has two indicators that support a dump!
If it can break through the $31.5K price level, the BTC price chart will continue to rise vigorously to the $35K price range. It is important to note that last week’s candlestick formed a doji candlestick, reflecting the indecision of buyers and sellers. This could be an indication of an upcoming correction in the market.
The Stochastic indicator is currently in the overbought zone above 80, and the %Williams indicator is at 0. The two synchronized indicators show that the price is in the oversold zone, and the possibility of sideways movement in this zone is relatively high before a correction. However, if there is good news for the market from macro factors, laws, and regulations, the price can pump up more muscular.
The BTC price chart daily with an RSI indicator that also shows a signal for a dump!
Moving on to the daily chart, the RSI (Relative Strength Index) indicator is currently at the resistance level and moving into the 70 zone. This indicates that the market may experience a correction in the coming days. If the resistance level holds, the price may drop to the $29.5K price range. This is another indication of a possible price correction in the market.
A correction in the market refers to a decrease in the price of an asset after it has experienced a significant increase in value. This is a natural occurrence in financial markets and is often a result of profit-taking by investors. A correction can be seen as a healthy adjustment that helps to prevent the market from becoming overvalued. In this case, a possible price correction in the cryptocurrency market may indicate a shift in investor sentiment, as some investors may be taking profits after the recent price run-up.
Some factors can affect the BTC price chart this week!
Several factors are affecting the BTC price chart this week. Larry Fink, the CEO of BlackRock, sees BTC as digital gold and a global asset that people can use as an alternative solution. This may lead to more people investing in BTC, causing a spike in the price. However, mining pools have recently sent a lot of BTC to exchanges, but that amount has quickly been absorbed into small wallet groups. The amount deposited into the wallets of these groups is equivalent to ~208% of the BTC mined.
In conclusion, the BTC price chart this week shows that the market is currently indecisive. The price may continue to move sideways or break through the $31.5K price level and rise strongly to the $35K price range. However, there are indications of a possible correction in the market, especially with the RSI indicator at the resistance level. It is essential to keep an eye on the market and any news from macro factors, laws, and regulations that may affect the price of BTC.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to DYOR before investing.
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Kevin
Coincu News
Source: https://coincu.com/200611-the-btc-price-chart-is-sideways-from-30k-to-32k/