BTC/USD - Weekly Overview
The world’s largest cryptocurrency has developed positive sentiment during the past week as the price level maintained sustainability above the psychological mark of 20K.
Moreover, the price level was able to have a positive breakout above the resistance zone between 0.786 FIB level and 0.618 FIB level and attained a new weekly high of nearly 21.5K. However, price sustainability above 0.618 FIB level looks doubtful as BTC just had a negative breakout below it.
Considering the moving averages, BTC is unable to maintain sustainability above MA-10 in a shorter timeframe. However, to avoid any sudden strong negative divergence, MA-50 is proving to be a significant support provider.
Looking at the technical indicators, RSI is showcasing negative nature with a breakdown below 50. The MACD level has also faced a bearish crossover and started to form red bars on the histogram.
Overall, BTC has strong support at 20K and 18K for avoiding any sharp negative fall. If the bulls are able to withstand, resistance levels can be placed at 22K and 24K respectively.
Moreover, the price level was able to have a positive breakout above the resistance zone between 0.786 FIB level and 0.618 FIB level and attained a new weekly high of nearly 21.5K. However, price sustainability above 0.618 FIB level looks doubtful as BTC just had a negative breakout below it.
Considering the moving averages, BTC is unable to maintain sustainability above MA-10 in a shorter timeframe. However, to avoid any sudden strong negative divergence, MA-50 is proving to be a significant support provider.
Looking at the technical indicators, RSI is showcasing negative nature with a breakdown below 50. The MACD level has also faced a bearish crossover and started to form red bars on the histogram.
Overall, BTC has strong support at 20K and 18K for avoiding any sharp negative fall. If the bulls are able to withstand, resistance levels can be placed at 22K and 24K respectively.
Aviso legal
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