So far so good we have come to the end of the week, and I must say that this week has been the best week in the crypto market. Crypto assets experienced significant increase in prices after a long period of sustained downward pressure. Bitcoin almost reached $74k while alts like Ethereum and dash made significant moves to the upper territory.
In this review, we will; discuss gold market also, price behaviors and actions, with what we expect see the coming week. So, keep reading till the end.
Crypto Market This Week
As always, crypto volatility never stop, so expecting market to touch different price levels within a very short period of time is inevitable. Bitcoin moved from $68k from where the market had experienced strong support and $69k from where price battled resistance to $70k and $71 price territory, where market found new range contraction. Price took a very long time to break through this levels. But in reaction to the cease-fire news between US and Iran, price broke the resistance at $71k, pricing to $74k price territory.
During this leg, I figured out the best performing assets aside from Bitcoin, which are Etheruem and Dash. These two assets did very well. Dash moved from $30.88 to $48 recording a 55.44% increment, while Ethetheum moved from $2100 to $2330, recording a 10.95% increment.
At the moment, some market participant figured these price levels to be attractive and they sold, causing a sharp drop in price from $74k price levels to $71k. this has printed a huge negative candle to the downside. often times this behavior is calculated to be as the result of market price anxiety. People feel that prices might not appreciate further, especially when it looks like numbers are not adding up. It is very common, which can cause panic in the market.
What I Hope To see Next
So the recent sell pressure moved bitcoin price back to $71k price level. but I noticed that an important price level has not yet been broken, the price at $71,117, meaning that there is a possibility that price might rebound back to $74k or even higher. However, there are mixed behaviors at the moments. The thing is; If price visit this level, and successfully break the level lower, then the market trend will change and traders will be looking to go short. But at the moment, the current trend still remains valid.
Gold Market This Week
Gold has been extremely volatile this week with a mixed outlook. After the drop in price to $4,500 price levels, Gold made a bullish move, rebounding to $4800 price levels. following the US and Iran cease-fire agreement. However, prices has dropped and market has been consolidating within $4700 price levels due to the current uncertainty in the market as the result of uncertain US-Iran cease-fire agreement.
What I Hope to See Next Week
Well, to be sincere, I can't really tell how this market will play out next and I don't know. I feel it's completely depends on the outcome of this war, because, the market behavior at the moments keeps printing confusing or a kind of mixed variables. To be very honest, I wouldn't really love to get involved in trading the gold market yet, until I'm able to figure out what the market is really printing. I think that would be my best approach for now until I find what is convincing enough to follow.
That will be all for now friends! Have a lovely weekend.
