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.