BTC/USD - Weekly Overview
The month started with bearish sentiment and still prevailing as the world’s largest cryptocurrency is unable to maintain sustainability above the crucial psychological mark of 20K.
Since the past month, the price level had a negative breakout from the rising channel pattern and currently possibly forming a falling wedge. Furthermore, it should be noted that BTC is struggling at the lowest level of Fibnonnaci retracement table.
Technical indicators including RSI are also replicating similar sentiment as it had failed to break above 50 since mid of the past month.
During the previous week, MA-50 faced a sharp negative breakout against MA-100 which suggests that further correction can occur.
Overall, Bitcoin needs to sustain crucial support levels including 19K and 17K. If there’s a quick of sentiment in the market conditions, resistance levels can be placed at 21K and 23K.
Since the past month, the price level had a negative breakout from the rising channel pattern and currently possibly forming a falling wedge. Furthermore, it should be noted that BTC is struggling at the lowest level of Fibnonnaci retracement table.
Technical indicators including RSI are also replicating similar sentiment as it had failed to break above 50 since mid of the past month.
During the previous week, MA-50 faced a sharp negative breakout against MA-100 which suggests that further correction can occur.
Overall, Bitcoin needs to sustain crucial support levels including 19K and 17K. If there’s a quick of sentiment in the market conditions, resistance levels can be placed at 21K and 23K.
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