BTC/USD - Weekly Overview

Since the start of December, Bitcoin has formulated a strong consolidation range between the price level of $17K and $17.5K. This could be a positive interpretation as compared to its performance during November end.

It could be noted that BTC is facing strong resistance above the 0.736 FIB level on the Fibonacci retracement table. The price level had also tested the resistance zone multiple times but was unable to have a positive breakout.

On the moving averages, MA-10 is still sustaining the positive crossover against MA-50 which is a positive sign. At the same time, MA-50 is proving to provide support to the world’s largest cryptocurrency whenever selling pressure is faced.

The RSI level is also sustaining within the rising channel pattern formulated on the chart. Overall, BTC might be consolidated in nature but sustainability above $17K could lead up to positive developments towards the end of the year. The resistance levels can be placed around $18K and $19K while the support levels can be placed at $17K and $15K.


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