BTCUSD, Day
Cryptocurrencies have taken a dip this week, with BTCUSD hitting a new two-week high of $32,228 after ignoring the strong rally in the stock market last week prompted by the clarity in the minutes of the FOMC meeting and the easing of the lockdown measures in major Chinese cities, which will allow production to resume and could see consumer spending skyrocket.
As for yesterday’s movement, BTCUSD closed up more than 8%, ETHUSD 10% and XRPUSD gained more than 7%. The rise this week and a break of the two-week $30,000 zone seems to mark the end of the bottom of the Bitcoin price. However, in the technical overview the price is still stuck in the downtrend channel frame. This is consistent with the movement of indicators like the MACD, which is still significantly below the 0 line, and the RSI, which is below the 50 level. And as seen in the Day timeframe, Bitcoin may be forming a strong pattern. If the price fails to break above the $33,000 zone, we may see the price swing back down again and continue the bearish flag. There is significant support in the low zone at $26,600. Conversely, if the price is able to rise above $33,000, there will be the next resistance around the $40,000 figure.
Traders will be keeping an eye on the movement of the US stock market as it returns from a long weekend. Will it be able to maintain the uptrend momentum from last week?
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Chayut Vachirathanakit
Market Analyst
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