Bitcoin: the $100K is the next target
Markets continued to hold positive sentiment toward Bitcoin. The price direction from the US Presidential elections is set, and the main question currently is at which level the price might slow down? Another week brought another all time highest level at $99.088. This is quite close to the 100K the next target for the BTC. Based on sentiment, this level might easily be breached in the coming period. Analysts are noting a period until the end of this year, but it might easily come even sooner, as the demand continues to be quite strong.
The RSI is still holding within strongly overbought territory. Under normal circumstances this would be an indication of a potential reversal in the coming period, however, in this specific case, it will certainly be postponed. For how long, nobody knows, but as long as there is high demand for BTC, the indicator will continue to move within the highly overbought territory. The moving average of 50 days continues to diverge from MA200, where any kind of trend direction is not expected in the coming period.
BTC continues to move in an uncharted territory, which makes it hard to rely on technical analysis for any kind of reliable price predictions. The fundamentals are currently on the scene and they are playing a major role on the BTC market. For the week ahead, the price might easily continue to head toward the 100K and break this new level. How much further BTC can go, the answer is unknown at this moment. Short reversals are quite possible on this road toward higher grounds, but they are not going to be significant ones.
The RSI is still holding within strongly overbought territory. Under normal circumstances this would be an indication of a potential reversal in the coming period, however, in this specific case, it will certainly be postponed. For how long, nobody knows, but as long as there is high demand for BTC, the indicator will continue to move within the highly overbought territory. The moving average of 50 days continues to diverge from MA200, where any kind of trend direction is not expected in the coming period.
BTC continues to move in an uncharted territory, which makes it hard to rely on technical analysis for any kind of reliable price predictions. The fundamentals are currently on the scene and they are playing a major role on the BTC market. For the week ahead, the price might easily continue to head toward the 100K and break this new level. How much further BTC can go, the answer is unknown at this moment. Short reversals are quite possible on this road toward higher grounds, but they are not going to be significant ones.
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