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BTC/USD (weekly): RSI(14), 20 and 200 days moving average, descending triangle, RSI(14), and volume. (Source: tradingview.com)
As discussed, a strong catalyst has not been enough to generate an important bullish momentum in the medium term. For the time being, we can expect a period of consolidation that would be healthy for the future. Indeed, with the fear that the $6’500 level will be tested again if the price stabilizes this would be reassuring for most traders and recovery could be triggered.
During any violent movement, a return to the average is always observed and the price is far from the 200-day moving average today. It should also be remembered that in recent years, the price of Bitcoin has often benefited from Christmas periods.
On the contrary, if the buying pressure is not strong enough, we can expect the $6’500 level to be quickly re-tested with a high risk that the price will fall back to the $5’000 region if this level does not hold.
The market as a whole has suffered from these violent movements. However, altcoins with Ethereum in the lead are experiencing a slight recovery phase. Will Altcoins finally bloom this winter?
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