Bears continue to dominate the crypto markets as almost all the major crypto assets fell by more than 7% in the last week. BTC formed a weekly bearish candlestick pattern with ~ 9% decline, also, BTC witnessed is its 6th consecutive week of institutional outflows. However, it is still holding the $30-31K support zone and at the time of writing, BTC is trading slightly above 32.5K.
BTC also witnessed a ‘Death Cross” on the Daily TF and when this happens in the last bull rally of 2018, BTC further dipped more than 25%. On the downside, the nearest support zone is placed at 30K-31K, if it decisively closes above the 30K, a further downswing rally is most likely to continue till the next support at 28K, followed by the next significant support at 25K.
On the positive side, BTC is still holding its 30K support for the last 4 weeks, and also, it is making higher highs from the last three times. The immediate hurdle is present at 33.5K, once it breaks this level, the net potential resistance is at 36K, followed by the next level at 38.5K.
Weekly MACD is also entering into negative territory whereas Daily MACD is also giving a bearish crossover, both indicating bearish sentiments to prevail in the coming sessions. However, the breakdown below 30K will act as a confirmation for the further bearish movement.