BitcoinShort
BTC/USDT ~ Weekly Overview
Bitcoin (BTC) recently broke down a rising channel pattern formed earlier this month.
The price has now entered a crucial support zone on the Fibonacci retracement table, ranging from the 0.618 FIB level to the 0.786 FIB level.
A further breakdown beneath this support zone could signal more significant downside potential, potentially activating the $25,000 support level.
The Relative Strength Index (RSI) is currently at 24.30, hovering in the oversold territory, indicating bearish sentiment.
In the coming days, the $25,000 and $23,000 support levels will be pivotal.
Conversely, if bulls regain control, resistance levels to watch for are $27,000 and $29,000, respectively.
The price has now entered a crucial support zone on the Fibonacci retracement table, ranging from the 0.618 FIB level to the 0.786 FIB level.
A further breakdown beneath this support zone could signal more significant downside potential, potentially activating the $25,000 support level.
The Relative Strength Index (RSI) is currently at 24.30, hovering in the oversold territory, indicating bearish sentiment.
In the coming days, the $25,000 and $23,000 support levels will be pivotal.
Conversely, if bulls regain control, resistance levels to watch for are $27,000 and $29,000, respectively.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.