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TradeDog-Research
May 22, 2023 11:25 AM

BTC/USDT ~ Weekly Overview  

Bitcoin / United States DollarCoinbase

Description

The past week for Bitcoin was mostly traded in a consolidation range between 26.5K to 27.5K.

On the Fibonnacci retracement table, there is a resistance zone above the 0.382 FIB level. On the contrary, the support zone can be placed below the 0.236 FIB level.

The RSI level is currently showcasing negative nature while residing around 45.28. However, the MACD level looks in potential to have a bullish crossover.

In order to regain its positive momentum, BTC needs to have positive breakouts above the resistance levels of FWB:27K and FWB:29K, respectively. In case of bearish momentum, the support levels can be placed at 26K and 24K, respectively.
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