BTC/USD - Weekly Overview

The past week has regenerated positive sentiment for the world’s largest cryptocurrency as it broke and maintained sustainability above $17K. The bullish rally could be reflected in the expansion of Bollinger Band’s width.

Moreover, MA-10 was able to have a positive crossover against MA-50 which could be a potential signal for more bullish momentum to come in the near term. However, BTC still needs to have a bullish breakout above the 1.0 FIB level which will help to test the crucial psychological mark of $20K.

Considering the technical indicators, the RSI level is standing at the bullish level of 62.51. Further build-up might test the resistance levels of $18K and $20K, respectively. However, any climb above 70 might be an indication of profit-booking momentum. This can be support levels of $16K and $14K into action.


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