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BTC Bears to Target Sub-$29,000 on ETF Uncertainty and Fed Jitters
For BTC, the beginning of the week will be challenging. Indicators of the US economy will be of importance as investors start to think about the Fed's monetary policy decision.
Bitcoin (BTC) increased by 0.97% on Sunday. BTC lost 0.36% on Saturday but recovered to lose 0.63% for the week to conclude at $30,190. Although there was a positive session, BTC missed $30,500 for the third day in a row.
Bitcoin Price Action (BTC)
BTC was down 0.51% to $30,036 this morning. BTC had a conflicted start to the day, rising to a high of $30,211 before dropping to a low of $30,014.
Daily chart
On the daily chart, BTC was seen to be below the resistance zone between $30,750 and $31,250. BTC, however, continued to trade above the 50-day ($29,491) and 200-day ($26,862) EMAs, indicating that the short- and long-term trends are optimistic. Notably, the 50-day exponential moving average (EMA) kept moving away from the 200-day EMA and confirmed the short-term positive trend.
The 14-Daily RSI's value of 50.26 indicated a mildly positive outlook. The RSI predicts a move through $30,500 in line with the EMAs to allow the bulls to attack the resistance band between $30,750 and $31,250. But a drop below the 50-day EMA ($29,491) would put sub-$29,000 within reach.
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