This week’s main event will be Non Farm Payrolls on Friday at 12:30 GMT. Several other important US economic indicators are also expected to be published, but I do not expect these events to have a significant impact on the crypto market, so I will not list them here.
Since there is no significant events, I think that this week the main driving factor will be TA, so I propose to consider what the picture looks like in technical terms.
Yesterday, on Sunday, Bitcoin updated the local high of 21600 reaching 21900. Perhaps this would not have been worth paying attention to if it were not Sunday. But the rise to this level on Sunday for me personally is an indicator of the oversold market and the readiness to storm the resistance even without fundamental reasons. The fact that we rolled back was obvious to me, since it is very difficult to overcome such strong resistance at the weekend, but I propose to regard this attempt as one of the signals that at the moment the market is already dominated by bullish sentiment and that we have rolled back from this level is an absolutely normal process, taking into account the small volumes of days off and so on.
During the week, bulls need to hold at least 19600 to form a bullish pattern. Even a decline to 19600 looks like a double bottom formation and an opportunity to push up.
But I think a more likely move is a bounce off the 20,000 level and a continuation towards the resistance. If no important fundamental events appear, then most likely we will stay in the channel this week, form a local double bottom, consolidation will occur and the market will be ready for recovery. This scenario can be broken by the NFP on Friday.Join my Telegram channel to get market updates quickly and follow my Twitter to get intraday thoughts about the markets. Also, in my Instagram I post short reviews about promising coins.
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