The cryptocurrency comes from two negative weeks and the new one started with fresh April lows, but has since been recovering, entering today the fifth consecutive profitable day. Yesterday it had rejected the EMA200 and the 38.2% Fibonacci of the 2022 High/April Low decline, but today it breaks fresh ground.
This can drive it towards the 200Days EMA (at around 44,200-44,520), but we are cautious at this stage around its ascending prospects, as there are more roadblocks ahead, such as the ascending trendline from this year's highs.
Despite the recent winning streak, BTC/USD runs a losing month, while the RSI points to overbought conditions and as long as it does not clear the EMA200, it is in precarious position. As such, there is risk for a return below 40,888-33, but it may be early for fresh monthly lows (38,540).
Senior Market Specialist
Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. He has a long time presence at FXCM, as he joined the company in 2011. He has served from multiple positions, but specializes in financial market analysis and commentary.
With his educational background in international relations, he emphasizes not only on Technical Analysis but also in Fundamental Analysis and Geopolitics – which have been having increasing impact on financial markets. He has longtime experience in market analysis and as a host of educational trading courses via online and in-person sessions and conferences.