The past week had a quick change of sentiments as the world’s largest cryptocurrency is back again above the crucial psychological mark of $20K. The price level did make a weekly low of around $18.5K
Currently, the price level is testing both MA-100 and MA-200. However, the alarming aspect is that MA-50 is still showcasing negative nature which might hint that a routine correction might be on the way
The RSI also supports a similar sort of hypothesis as the level is near the overbought region and can face quick retracement. MACD level has finally started to formulate green bars and broke above the histogram for the first time this month.
Overall, Bitcoin has showcased a positive rally in this month and a profit booking momentum can be expected in the upcoming days. Support levels can be placed at $20K and $18K whereas the resistance levels can be placed at $23K and $25K.
Currently, the price level is testing both MA-100 and MA-200. However, the alarming aspect is that MA-50 is still showcasing negative nature which might hint that a routine correction might be on the way
The RSI also supports a similar sort of hypothesis as the level is near the overbought region and can face quick retracement. MACD level has finally started to formulate green bars and broke above the histogram for the first time this month.
Overall, Bitcoin has showcased a positive rally in this month and a profit booking momentum can be expected in the upcoming days. Support levels can be placed at $20K and $18K whereas the resistance levels can be placed at $23K and $25K.