BTC/USD - Weekly Overview

The new year started off quite well for the world’s largest cryptocurrency as BTC was up by 1.30% in the past 24 hours. The price level had developed a temporary support zone around $16.5K through which it is looking at the potential to test the resistance zone above the 0.236 FIB level.

It must be noted that BTC has not been able to break above the 0.236 FIB level and maintain sustainability thereafter. A breakout could be a significant indicator that Bitcoin can commence the year with significant bullish momentum.

Supporting the hypothesis are RSI and MACD levels. The RSI level is showcasing positive nature on the chart while standing at 53.74. The MACD level also had a bullish crossover below the histogram with a green bar formation. If the levels are able to climb above the histogram, we could witness a significant positive momentum for Bitcoin.

Overall, the resistance levels can be placed at $17K and $18K, respectively. The support for BTC can be placed at $16K and $15K, respectively.


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