The past week for Bitcoin was full of volatility and recovery as the current price level stands at a 2.39% gain on a weekly basis.
As the overall market conditions got heated up due to the regulatory environment, BTC broke below the crucial level of
25K
in the past week. However, there was a strong bounceback after it crossed the 0.786 FIB level.
EMA-20 which acted as the support level for the past week might be turning into resistance mode as highlighted in the chart.
Considering technical indicators, the RSI level is struggling to cross above the neutral zone. The DMI suggests there is still negative sentiment prevailing for BTC as -DI (23.80) is moving above +DI (13.92) and ADX (20.56).
Overall, the resistance levels can be placed at
27K
and $29K. On the contrary, support levels can be placed at
25K
and $23K.
As the overall market conditions got heated up due to the regulatory environment, BTC broke below the crucial level of
25K
in the past week. However, there was a strong bounceback after it crossed the 0.786 FIB level. EMA-20 which acted as the support level for the past week might be turning into resistance mode as highlighted in the chart.
Considering technical indicators, the RSI level is struggling to cross above the neutral zone. The DMI suggests there is still negative sentiment prevailing for BTC as -DI (23.80) is moving above +DI (13.92) and ADX (20.56).
Overall, the resistance levels can be placed at
27K
and $29K. On the contrary, support levels can be placed at
25K
and $23K.