BTC/USD - Weekly Overview

The past week for the world’s largest cryptocurrency started on a positive note as the price level was able to break above $17.5K for the first time after November. Furthermore, the positive momentum led to a breakout above $18K but was unable to sustain for a longer duration. This could be justified on the 12-hour candlestick as the breakout represents a wick formation.

Thereafter, BTC was not able to maintain sustainability in the resistance zone also led to a breakdown below 0.236 FIB level on the Fibonacci retracement table. Currently, the price level has again entered the lower consolidation range.

Considering the technical indicators, MA-10 is vulnerable to have a negative breakout against MA-50 which could be an indication of further downfall. The RSI level has also disrupted its rising channel momentum causing a negative breakdown. Overall, BTC is looking vulnerable to retest support zones residing at $16K and $15K. In case of a positive comeback, it can face resistance at $19K and $20K, respectively.


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