The crypto market had another bumpy week, which ended with a positive sentiment. The week started by the stronger push of BTC toward the downside, where the coin was testing levels below the 60K support line. Still, Friday trading session brought a short reversal to the upside, where the coin was testing the 63K a short term resistance line. The move was supported by the US inflation data in September, which were somewhere in line with market estimates, increasing the market expectations that the Fed might continue to cut interest rates till the end of this year, with a next cut at November’s FOMC meeting.
The RSI started its move toward the oversold market side; however, as the indicator reached the level of 43, it reverted back above the 50 level, ending the week at 54. Such moves shows that the market is still not ready to clearly head toward the oversold market side. Moving averages of 50 and 200 days continue to move as two parallel lines, without a clear indication that the cross is in store in the coming period.
BTC charts continue to be mixed. For the last two weeks there are indications for potential movements toward both sides. Currently, there is some probability that the BTC might head toward the $ 65K resistance line, considering that 63K level is only a short term stop for BTC. However, there is also open space for the downside. In case that BTC reverts down, the level of 60K will not be its final stop. The coin would rather continue its move toward the 58K, before the reversal.