Bitcoin is in indecision – Bitcoin has been hovering around $28,000 for several days, buyers are not pushing enough to get back above $30,000 yet. Despite everything, risky assets continue to be attractive, and the dollar continues to weaken. Bitcoin and the US market could benefit from the weakness of the dollar? Gold could experience a wave of rise after having experienced several years of range? This is the Weekly Macro Point!
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Bitcoin is in indecision on a weekly basis
Bitcoin (BTC) price fails to break first weekly resistance at $28,800. As we can see, the price displays indecision candles weekly:
Bitcoin is weekly bullish, the price goes through troughs and rising peaks. The weekly resistance zone between $28,800 And $31,000 is important. Indeed, it is an area that was lost in June 2022, it will have to be taken again to find colors on this asset. The course can count on the institutional bias (EMA 9/EMA 18) which is oriented upwards. He could act as dynamic support in the event of a fall (red arrow). The price moves on the other side of the bearish trendlinebuyers have a shot.
The RSI was globally bearish in 2022, but the dynamics have changed since the end of the year (green arrow). We must continue to show troughs and ascending peaks.
In the short term, the price of BTC is still in a tidybuyers and sellers neutralize each other:
Yesterday evening, the buyers showed themselves once again at the level of the rack at $27,500. The objective of buyers is the same: close above $29,170 to break the range. If this scenario unfolds, BTC could join the next resistance at $30,500. On the other hand, if the price is rejected at the resistance level, the sellers could take the opportunity to return to the bottom of the range, at the level of the bracket at $26,700. The last dip in $26,500 must be kept to avoid changing dynamics in 4H.
The RSI continues to move above the bearish trendlineit would have to expand above 52. This would make it possible to build a bullish momentum.
Risk off: The dollar tries to break the support, and gold could break the resistance
The dollar could break the support at 102.5 points
The dollar index is feverish for a few months. In February, the price rebounded to the level of the 102.5 point supportbut then blocked at the level of the resistance at 105.5 points :
The price remains between the two terminals identified between 106 dots And 100.8 points. In the event of a close below the trough at 100.8 pointssellers would confirm the downtrend. However, if the buyers recover and manage to close the price above 106 points, the dollar index would mark a double bottom. In this case, risky assets like cryptocurrencies would suffer.
The RSI is moving below the bearish trendlinethis dynamic should continue.
Gold Stuck at Weekly Resistance, Exit Soon?
Gold is among the rising assets in 2023, like Bitcoin. He is currently in a weekly range between $1,970 and $1,690and the price is currently attempting a breakout of the resistance :
The price has been in a range for several yearsthe exit could be made with volatility. However, buyers have to push not to know a new rejection. In case of rejection, the price could return to the level of the bracket at $1,890. THE institutional bias is trending up, it could act as dynamic support. The RSI should hold the last low at 46.5 to avoid leaving the momentum to the sellers.
Bitcoin continues to outperform gold :
The pair continues to show descending lows and highs. In the event of a bounce, the 9 and 18 moving averages could act as resistance. In this case, a return to the weekly support level is possible. We should continue to see this pair fall. the RSI could, sooner or later, return to the level of the bearish trendline. It would be interesting if this trendline reject the ROI.
The US market is rebounding: is the momentum relaunched?
The S&P 500 attempts to break resistance at $4,100
The price rebounded at the level of the bracket at $3,900buyers are now trying to break the resistance at $4,100 :
Despite the rally, the buyers’ objective is to close above the last high at $4,195. Indeed, a close above this level would return to the level of the resistance at $4,300. If the sellers show up, the price could rejoin the bracket at $3,900. For the buyers, it is absolutely necessary to keep the last trough at $3,810. A close below would take the price to bearish momentum in this unit of time.
The RSI is back at the resistance level at 59. The RSI could be rejected at this level with the presence of the bearish trendline. In the event of top exit and breakage of the bearish trendlinethe price could experience bullish volatility.
The NASDAQ soon at $13,800?
The NASDAQ is moving above the resistance at $12,700it seems to have stronger momentum than its counterpart the S&P 500:
The course seems to have broken the weekly resistance at $12,700and the first stop (0.382 Fibonacci retracement). The price must close the day of Tuesday, April 4 above the last high at $12,860 to confirm the bullish momentum. In this case, the price could return to the level of the next resistance at $13,800. However, in case of rejection, the price could return to the level of the bracket at $12,000 (Red Arrow).
The RSI is moving above the bearish trendline, and continues to show ascending lows and highs. For the moment, the buyers have their hands on the price, and on the momentum.
Finally, Bitcoin is still trading below the big weekly resistance between $28,800 and $31,000. The price must resume these levels to find colors on this asset. In the short term, the price needs to break the resistance at $28,500 to reach the next resistance at $30,500. Bitcoin could benefit from the weakness of the dollar which is currently trying to break the support at 102.5 points. For its part, gold is trying to break the weekly resistance at $1,970. In the event of a bullish breakout, the price could experience high volatility after having experienced a range of several years. Against Bitcoin, gold continues to show a bearish momentum, the trend should continue. The US market is rebounding. To rekindle momentum, the S&P 500 must close above $4,195, and the NASDAQ must close above $12,860.
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