The price momentum of Bitcoin during the past week was primarily driven by the world’s fourth-largest cryptocurrency, XRP. The crypto industry celebrated Ripple’s partial win in court during the past week, as the judge ruled XRP not a security. This created a significant positive sentiment within the market, especially for the XRP coin, which is still up by 60.45% weekly.
However, the profit-booking momentum for BTC kicked in as soon as the price level eyed $32,000. It also faces significant resistance above 0.786 FIB level on the Fibonacci retracement table.
Considering the technical indicators, the Directional Movement Index (DMI) suggests that the price level might continue to consolidate as ADX (21.50) had a positive crossover against -DI (20.18), but +DI (14.13) remains well below. For the past couple of days, the price level is also unable to sustain above the basis line of Bollinger Bands.
The resistance levels can be placed at $32,000 and $34,000, respectively. Conversely, support levels can be set at $30,000 and $28,000.
However, the profit-booking momentum for BTC kicked in as soon as the price level eyed $32,000. It also faces significant resistance above 0.786 FIB level on the Fibonacci retracement table.
Considering the technical indicators, the Directional Movement Index (DMI) suggests that the price level might continue to consolidate as ADX (21.50) had a positive crossover against -DI (20.18), but +DI (14.13) remains well below. For the past couple of days, the price level is also unable to sustain above the basis line of Bollinger Bands.
The resistance levels can be placed at $32,000 and $34,000, respectively. Conversely, support levels can be set at $30,000 and $28,000.